Japan And ADB In $5 Billion Africa’s Private Sector Development Support
The Government of Japan and the African Development Bank announce up to $5 billion in support of Africa’s private sector development under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative (EPSA 5) from 2023-2025.
The funding consists of $4 billion under the existing window, and up to an additional $1 billion under a new Special Window that Japan will establish to provide financing to countries that are making progress in the enhancement of debt transparency and sustainability, and other reforms.
Announced at the 8th Tokyo International Conference on African Development in Tunisia, the funding consists of $4 billion under the existing window, and up to an additional $1 billion under a new Special Window that #Japan will establish to provide financing to countries that are making progress in the enhancement of debt transparency and sustainability, and other reforms.
Speaking at the EPSA 5 launch ceremony, Japan’s Vice-Minister of Finance for International Affairs, Masato Kanda noted that given the importance of food security, Japan and the African Development Bank would also add agriculture and nutrition as a priority area under EPSA 5.
“Under the severe situation caused by multiple compound crises, enhancing resilience and promoting human security are critical components, EPSA is an essential element of our partnership with the African Development Bank to tackle social and economic challenges. With the recognition of importance of solidarity, JICA commits to work with EPSA to create a bright and prosperous future.” Kanda said.
Commenting on the three year joint project the African Development Bank President, Dr. Akinwumi Adesina described EPSA 5 as 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 and the newly signed initiative will positively impact millions of lives across Africa.”
Speaking after meeting with Japanese Foreign Minister, His Excellency, Hayashi Yoshimasa, on the sidelines of the 8th Summit of the Tokyo International Conference on African Development in Tunis, Tunisia Malawi’s foreign minister, Nancy Tembo commended Jap’s $30 billion pledged for development cooperation in Africa.
“Held bilateral talks with Mr. Toshiyuki Nakamura, Senior Vice President of the Japan International Cooperation Agency (JICA) on the sidelines of TICAD8 Summit in Tunis, Tunisia and I took an opportunity to underscore the importance Japan/Malawi cooperation.,” said Tembo
The foreign minister also explained on how Japan and the African Development Bank will join forces to financing of hydro-electric power projects to enhance electricity generation capacity.
Among others the newly signed pact will positively transform millions of lives across Africa, more on how Japan and the ADB will join forces to support countries in addressing food security, climate change, health, digitalization, and debt issues.
