Japan pledge $ 20b towards African development in 3 years

Business

The Seventh Tokyo International Conference on African Development began on Wednesday 28th August, 2019 in Yokohama on the theme- Advancing Africa’s development through people, technology and innovation by pledging US$20bn within the next three years. Over 20 African presidents and hundreds of policy makers, development partners and civil society organizations are in attendance. In his opening speech Prime Minister of Japan Shinzo Abe pledged to aggressively promote private-sector investment in Africa but failed to set a new numerical target on funds to be funneled to the continent.

Facing dozens of top African leaders at the Tokyo International Conference on African Development, Abe claimed the Japanese private sector invested $20bn in Africa over the past three years. “Our cooperation with local financial institutions will create a new trade insurance that could cover 100 per cent of your transactions. We will do whatever it takes to assist the advancement of Japanese companies into Africa,” the Prime Minister said. “I make this pledge to you. The government of Japan will put forth every possible effort so that the power of Japanese private investment of $20bn in three years should, in the years to come, be surpassed anew from one day to the next,” Abe said, although he did not mention any specific investment goal. In the previous TICAD meeting in 2016, Abe pledged that the Japanese government and private businesses combined would invest a total of $30bn in Africa over the following three years. Prime Minister Shinzo Abe said his country will offer enhanced insurance that would fully cover loans to African governments, their affiliated institutions or private companies by buying Japanese goods for infrastructure projects in Africa, President Sisi of Egypt who doubles as the Chairman of the African Union called for boosting Japanese-African cooperation and stressed the dire need of backing the African Union’s Post-Conflict Reconstruction and Development policy, along with building the capacity of state institutions to undertake their duties in protecting their countries and shoring up peace and stability. South African President Cyril Ramaphosa said Africa-Japan Business Forum will support infrastructure revolution, combined with the Continental Free Trade Area. “Africa is far away from Japan, but we want to let Japanese companies know that there are business opportunities there,” JETRO Chairman Nobuhiko Sasaki said at a press conference in Tokyo. “JETRO’s role is to make a path for Japanese companies at the initiative of the private sector.” In his contribution President Julius Maada Bio of Sierra Leone implored Japan and other African Heads of State to support education as key driving force to promoting sustainable economic growth and development in Africa. President Bio called for continued partnership and collaboration between Africa and Japan for a win win situation. The conference will be followed by several sessions on innovation, women empowerment and exhibition of Japanese and African made products. The conference is expected to end on 30th August, 2019 with a press conference and a communiqué.

By Saidu Bah in Yokohama Japan

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