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

More from World

Trump vows to return power to the people in inaugural speech

US President Donald Trump on Friday vowed to take power away from Washington bureaucrats and politicians and give...

Donald Trump sworn in as US president

Donald Trump takes the oath of office and is sworn in as the 45th US president in a ceremony at the US Capitol.

Syria indefinitely extends Russia's use of air and naval bases

Russia and Syria have signed agreements to indefinitely prolong Russia's use of a naval base and an airbase on...

Thirty per cent of Aleppo's Old City destroyed, UNESCO says

Thirty per cent of the Old City of Aleppo has been destroyed and 60 per cent significantly damaged amid the ongoing...

Donald Trump prepares to take office, as thousands flock to Mall

Donald Trump arrived at the White House Friday as he prepares to take the oath of office and become the 45th...