Published On: Thu, Feb 18th, 2021

Japan provides loan for African Development Fund

Japan International Cooperation Agency

Japan International Cooperation Agency

from ALEXIS DOUMBIA in Abidjan, Ivory Coast
ABIDJAN – THE Japan International Cooperation Agency (JICA) and the African Development Fund (ADF) have signed a loan agreement of 73,6 billion Japanese yen (US$668,1 million) to support the 15th replenishment of the latter (ADF-15).

ADF is the concessional arm of the African Development Bank Group.

The loan is the largest to ADF-15, approved in December 2019 by ADF donor countries.

Japanese Ambassador to Ivory Coast Kuramitsu Hideaki, whose country has been the fifth-largest contributor to the ADF in cumulative terms, said the loan formed part of Japan’s commitment to promote industrial human resource development, innovation and investment.

“I sincerely hope that this loan in yen will allow ADF to execute concessional financing and grants for African countries facing emerging challenges caused by COVID-19 and contribute to the economic and social development of these countries,” he said.

Kitaoka Shinichi, JICA President, said the COVID-19 had accelerated global structural changes.

“Africa is still in the midst of this crisis, facing serious challenges from coronavirus variants and the cold storage requirements for vaccines,” he said.

Dr Akinwumi Adesina, AfDB President, highlighted the bank’s long-standing partnership with Japan, including the Enhanced Private Sector Assistance Initiative, which was launched in 2005.

As of February 2021, Japan’s total contribution to the initiative amounts to $4,6 billion.

– CAJ News

 

 

 

 

 

 

 

 

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