The Japanese government and the African Development Bank have announced a $5 billion support for the private sector in Africa.
The AfDB which made this known in a statement on Monday said the partnership was announced at the 8th Tokyo International Conference on African Development held on Sunday.
The $5 billion comes under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative (EPSA) from 2023 to 2025.
According to the statement, “the funds consist of $4 billion under the existing window, and an additional up to $1 billion that will be provided under a new Special Window.
“Japan will establish this Special Window to support countries that are making progress in the enhancement of debt transparency and sustainability, and other reforms, thereby making steady and significant improvement in their debt situations.
The statement further adds that Japan and the African Development Bank will add agriculture and nutrition as a priority area under EPSA 5.
Based on this, EPSA 5 will cover 1) electricity, 2) connectivity 3) health, 4) agriculture and nutrition as priority areas in order to address key challenges in Africa.
At the EPSA 5 launch ceremony, Japan’s Vice-Minister of Finance for International Affairs, Mr. Masato Kanda, said his country is committed to supporting African countries while respecting their own initiatives.
The President of Japan International Cooperation Agency (JICA) Dr. Akihiko TANAKA said, “Under the severe situation caused by multiple crises, enhancing resilience and promoting human security are critical components of Japan’s support for Africa. EPSA is an essential element of our partnership with the African Development Bank to tackle social and economic challenges facing the continent. JICA commits to work with EPSA to create a bright and prosperous future.”
The African Development Bank Group President Dr. Akinwumi Adesina said, “EPSA 5 is the kind of cooperation Africa and the world needs. Escalating climate change impacts, the Covid-19 pandemic, and the war in Ukraine means that we must do even more than we already have done, to mobilize the private sector and create job opportunities in Africa. The newly signed initiative will positively impact millions of lives across Africa.”
Japan and the African Development Bank will join forces to support countries that address enormous challenges, including food security, climate change, health, digitalization, and debt issues.
Submit press release, news tips to us: email@example.com | Follow us @ODUNewsNG