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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.
Japan has pledged to prioritize quality over quantity in its aid to Africa. Prime Minister Fumio Kishida has pledged to maintain and expand Abe’s interest in Africa.
Tokyo has always financed a variety of projects in different sectors. A decade ago, Japan financed a new container terminal in Mozambique’s port of Nacala and Kenya’s main port, Mombasa. Now, renewables are favoured to promote development and maximize Japanese expertise.
Tokyo financed the April completion of Unit 6 at Kenya’s Olkaria geothermal site. It provided a US$746 million low-interest loan to finance the new project and the transmission lines needed to connect the plant to the rest of the country. Fuji Electric Global and Marubeni Corporation did the work. Japanese firms supply more geothermal turbines than the rest of the world combined, and JICA finances geothermal projects worldwide.
Senegal’s President Macky Sall claimed Japanese firms have the technical and financial capacity to establish up partnerships in Africa while Moussa Faki Mahamat, who is the African Union Commission chair praised Japan’s education and training achievements. He lauded a Japanese effort that taught nutrition to 1,000 young Africans.
African countries would need major financial resources to deal with Covid-19, climate change, and Russia’s war in Ukraine said the African Development Bank chief.
“Now is the time to assist the African Adaptation Acceleration Program to mobilize $25 billion for climate adaptation in Africa,” Adesina added.
AfDB’s African Emergency Food Production Facility, started in May 2022, is providing US$1.13 billion to 24 nations for emergency food production. The Bank approved the facility early in 2022 to prevent the Ukraine war’s food and fertilizer disaster.
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.
During this edition, the Tunisian private sector will offer 81 investment projects totalling US$2.7 billion dollars to investors from Africa and Japan. 37,750 employment opportunities will be created by the initiatives listed in a white paper by the Tunisian-Japanese Chamber of Commerce and Industry (CCITJ).
The 128-page white paper includes proposed projects by firms. This is in addition to new projects and those that are already in place and looking for possible partners. These initiatives will be carried out as a result of a triangular relationship between Japan, Tunisia, and other African nations in fields with a high added value.
Some of these projects include 21 in the green and blue economy, the digital industry, artificial intelligence and space technologies (20), pharmaceutical and medical (17), industrial (12), infrastructure and logistics (9) and two in finance.
Japan, through this meeting, targets to affirm the cooperation between Japan and African countries. The conference has been in place since 1993, co-hosted by United Nations(UN), United Nations Development Programme (UNDP), World Bank and African Union Commission (AUC).
TICAD8 will happen in the Republic of Tunisia, the second country in Africa to host the meeting after Kenya in 2016. During the TICAD6 meeting that was held at the Kenyatta International Convention Center in Nairobi, Kenya, Japan pledged to invest US$30 billion in Africa: US$10 billion in infrastructure growth, while an extra US$20 billion will be invested by Japan’s private sector.
In TICAD6, more than 6,000 people participated in the conference, including 22 presidents, two prime ministers, hosted by the Government of Kenya and co-organized by the Government of Japan, the United Nations Development Programme (UNDP), the World Bank, the African Union Commission (AUC) and the UN Office of the Special Advisor on Africa (UNOSAA).