Japan offers 3.2 trillion yen assistance to Africa
Japanese Prime Minister ShinzoAbe has announced a 3.2trillion yen, about US$32billion support for Africa. The amount is the country’s biggest support to Africa so far.
He made the announcement in his opening of this year’s Tokyo International Conference on African development (TICAD V), which officially opened June 1, 2013.
“Over the next five years, Japan will support African growth through public and private means of 3.2 trillion yen (approximately $32 billion), including ODA of around 1.4 trillion yen and other public and private resources of around $16 billion. Also, we will underwrite a maximum of $2 billion of trade insurance,” he said.
What Africa needs now is private-sector investment. “PPP,” or “public-private partnership,” leverages that investment, he said, adding that “If we recognize this as a new reality, then it will be necessary to revolutionize the way of providing assistance to Africa. How shall we revolutionize it? I will offer an answer to that, but first, I shall start with the total amount,” the Japanese Prime Minister said.
According to him, through the preparatory process for this Conference, the countries of Africa when asked what areas should receive the greatest emphasis at present, responded by saying the same as always–further development of infrastructure, business-savvy human capacities, health, and agriculture. The key to all of these invariably lies in capacity development. This is an area in which Japan wishes to bring its assistance resoundingly into play, he added.
The package also includes a 650billion yen to support Africa’s infrastructural needs.
By John Mensah