Browsing: TICAD8 Tunis Declaration

As TICAD8 concluded in Tunisia last weekend, sentiments by Japanese Prime Minister Fumio Kishida that Africa and Japan are partners “growing together” linger.

The promise of a US$1 billion loan quota to support African debt restructuring must also have been like music to many leaders in attendance. Despite more than half of all African leaders not attending, Kishida said via video conference that Japan will help train 300,000 people in Africa over the next three years, citing criticism that China’s aid is ineffective in developing human resources.

With TICAD8, Tokyo hopes to encourage its private sector to invest in Africa and lend to the continent as China’s economic engagement wanes and Covid-19 and the Ukraine war hit the global economy.

Rising African sovereign debt levels make securing other sources of lending difficult, so demand for Tokyo’s preferential lending may be high.

Since the end of the Cold War, more global …