Browsing: JICA

The Tunis Declaration was adopted this year at the Eighth Tokyo International Conference on African Development (TICAD 8) with JICA and JETRO support. Photo/UNDP

In the wake of the global economic slowdown, JETRO has opened a support desk to assist Japanese companies expansion in Africa and also helping African firms enter the Japan market, JETRO CEO Sasaki said.

The forum highlighted the importance of supporting startups, emphasis on green investment, development of human resources and Africa food security.

Through the JETRO forum, the Japanese business community launched an investment fund for startups in Africa valued at over 10 billion yen.

JETRO CEO Sasaki said the forum also catapulted launch of the Green Growth Initiative with Africa valued at 4 billion dollars that will finance public and private cooperation ‘toward a structural transformation to achieving net zero.’

Among other things, through the Japan International Cooperation Agency (JICA), Japan has supported the Enhancement of the Private Sector Assistance (EPSA) for Africa initiative, which has been successfully implemented over three phases since 2007.

According to the AfDB media report, Japan has contributed approximately $5.2 billion to investments in sovereign and non-sovereign operations through this initiative.

The report also points out that Japan subsequently invested another $86.9 million in technical assistance and capacity building. Further still, at the just ended TICAD 8, Japan reiterated its funding commitment for the fifth phase of EPSA.

For example, it was discovered that at least five African start-ups that were pitched at the combined events had received investments from Japanese venture capitalists.

When it comes to assisting African nations in accelerating their work toward achieving the Sustainable Development Goals and the African Union’s Agenda 2063, Japan’s leadership and development experience, as well as its business know-how, innovations, and technologies, all have an important part to play.

There has never been a time when the need to find new ways to align and leverage the private capital of the world towards increased sustainability was more pressing than it is now in the wake of escalating crises such as the Covid-19 pandemic, the war on Ukraine, and the cost-of-living crisis brought on by climate change.

The 8th Tokyo International Conference on African Development (TICAD 8) is a summit-level international conference on African development that was initiated by Japan. It brings together Heads of State and Government from Africa, Japan, and their partners to engage in dialogue on issues related to economic growth, trade and investment, sustainable development, human security, and peace and stability in Africa.