Japan pledges 30-billion-dollar investment in Africa over three years

Japan will invest 30 billion dollars in Africa's infrastructure over the next three years, Prime Minister Shinzo Abe said during a two-day summit on Saturday.

Japan pledges 10 billion dollars in infrastructure development starting this year, channelled through the African Development Bank, Abe said during the opening of the Tokyo International Conference on African Development (TICAD) in Kenya's capital, Nairobi.

Infrastructure investments will focus on electrical power, urban transport systems, roads and ports, according to Abe.

An additional 20 billion dollars will flow into Africa through investments from Japan's private sector during the same period, the prime minister added.

"This is an investment that has faith in Africa's future,  an investment for both Japan and Africa to grow together," said Abe, who is expected to meet with several of the 35 African heads of state during the summit, in a move to increase Japan's footprint on the continent.

Saturday's pledge comes in addition to a 2013 investment promise of 30 billion dollars, which is scheduled to be made over a five-year-period. Japan already implemented 67 per cent of the aid money, Abe said.

Last update: Sat, 27/08/2016 - 13:49
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