Japan and AfDB announce $5 billion in support for African private sector
The Government of Japan and the African Development Bank have announced $5 billion in financial cooperation under the fifth phase of the 2023 Enhanced Private Sector Assistance for Africa (EPSA) initiative to 2025.
The announcement was made during the eighth Tokyo International Conference on African Development (TICAD8) held on Sunday, August 28 in the Tunisian capital, Tunis.
The funds consist of $4 billion under the existing window, and an additional amount of 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 improving debt transparency and sustainability, and other reforms, thereby steadily and significantly improving their debt situation.
In view of the importance of food security, Japan and the African Development Bank will add agriculture and nutrition as a priority area in EPSA 5. Accordingly, EPSA 5 will cover 1) electricity, 2) connectivity, 3) health, 4) agriculture and nutrition as priority areas to address key challenges in Africa.
At the launch ceremony for EPSA 5, Japan's Deputy Finance Minister for International Affairs, Masato Kanda, said his country is committed to supporting African countries while respecting their own initiatives.< /p>
Japan International Cooperation Agency (JICA) President Akihiko Tanaka said, "In the grave situation caused by multiple crises, building resilience and promoting human security are essential of Japan's support to Africa. EPSA is a vital part of our partnership with the African Development Bank to address the social and economic challenges facing the continent. JICA is committed to working with EPSA to create a bright future and prosper."
African Development Bank Group President Akinwumi Adesina said, “EPSA 5 is the kind of cooperation that Africa and the world need. The escalating impacts of climate change, the Covid-19 pandemic and the war in Ukraine mean that we must do even more than we have already 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 facing enormous challenges, including food security, climate change, health, digitalization and debt issues.
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The Government of Japan and the African Development Bank have announced $5 billion in financial cooperation under the fifth phase of the 2023 Enhanced Private Sector Assistance for Africa (EPSA) initiative to 2025.
The announcement was made during the eighth Tokyo International Conference on African Development (TICAD8) held on Sunday, August 28 in the Tunisian capital, Tunis.
The funds consist of $4 billion under the existing window, and an additional amount of 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 improving debt transparency and sustainability, and other reforms, thereby steadily and significantly improving their debt situation.
In view of the importance of food security, Japan and the African Development Bank will add agriculture and nutrition as a priority area in EPSA 5. Accordingly, EPSA 5 will cover 1) electricity, 2) connectivity, 3) health, 4) agriculture and nutrition as priority areas to address key challenges in Africa.
At the launch ceremony for EPSA 5, Japan's Deputy Finance Minister for International Affairs, Masato Kanda, said his country is committed to supporting African countries while respecting their own initiatives.< /p>
Japan International Cooperation Agency (JICA) President Akihiko Tanaka said, "In the grave situation caused by multiple crises, building resilience and promoting human security are essential of Japan's support to Africa. EPSA is a vital part of our partnership with the African Development Bank to address the social and economic challenges facing the continent. JICA is committed to working with EPSA to create a bright future and prosper."
African Development Bank Group President Akinwumi Adesina said, “EPSA 5 is the kind of cooperation that Africa and the world need. The escalating impacts of climate change, the Covid-19 pandemic and the war in Ukraine mean that we must do even more than we have already 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 facing enormous challenges, including food security, climate change, health, digitalization and debt issues.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]
TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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