- In order to stimulate economic growth in Africa, the African Development Bank has urged Japanese investors to collaborate with African partners.
- AFDB extended the invitation to Japanese companies over a webinar organized by the Bank’s Asia External Representation Office.
In order to stimulate economic growth in Africa, the African Development Bank has urged Japanese investors to collaborate with African partners. AFDB extended the invitation to Japanese companies over a webinar organized by the Bank’s Asia External Representation Office and its Co-Financing, Syndication, and Client Solutions Department.
About 250 participants, mostly from Japan, attended the webinar. Samuel Higenyi Mugoya, Bank’s Director remarked that Africa’s challenge today is to attract more private investors who can join forces with local partners and create added value and initiate inclusive and sustainable growth.
In this context, Africa needs much more investment from Japan. The African Development Bank is ready to support this,” said, the, Syndications, Co-financing and Client Solutions. He pointed out that the private sector’s importance to Africa’s development was recognized during the 7th Tokyo International Conference on African Development (TICAD7) held in 2019. AFDB was keen to support such a cooperation between Africa and Japan. Recent examples of co-financing operations, such as a loan to the Ghana Cocoa Board extended by the Bank and the Japan International Cooperation Agency under the Enhanced Private Sector Assistance initiative are some of the successful examples of this collaboration, he added. Another project, Mozambique’s LNG Area 1 Project, is jointly financed by the Japan Bank for International Cooperation and Nippon Export and Investment Insurance.
Nobumitsu Hayashi, the Deputy Governor of the Japan Bank for International Cooperation remarked that the Japan Bank for International Cooperation, could support the Japanese private sector in Africa by leveraging its extensive network, and he urged participants to proactively invest in Africa.
