Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Tuesday, June 17
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»AfDB Secures $350 Million Loan Deal from JICA to Boost its Support for Private Sector Operations in Africa
    AFDB SEALS $350 MILLION LOAN DEAL FROM JICA TO BOOSTS ITS SUPPORT FOR PRIVATE SECTOR OPERATIONS IN AFRICA

    AfDB Secures $350 Million Loan Deal from JICA to Boost its Support for Private Sector Operations in Africa

    0
    By Oluwasegun Olukotun on April 26, 2023 Africa, Business, Funding, Partnerships

    The African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) have signed a $350 million loan to finance the Bank’s support for private sector operations in Africa.

    The loan comes under the Enhanced Private Sector Assistance (EPSA) initiative, which is a component of Japan’s Official Development Assistance to Africa. The fifth version of EPSA, for an amount of $4 billion, was signed by the Bank and JICA at the Eighth Tokyo International Conference on African Development (TICAD 8), held in Tunis last August.

    The private sector concessional loan deal was signed by JICA President, Dr. Tanaka Akihiko and Dr Akinwumi Adesina, President of the African Development Bank Group.

    Dr Tanaka said the loan represented a crucial step in Japan’s efforts to work with the African Development Bank to support Africa as it faces the challenge of navigating multiple compounded crises including issues of debt sustainability and the impact of the war in Ukraine.

    He said: “the private sector in Africa is fundamental in creating jobs for the prosperity and progress of Africa. Although the private sector has been confronting unprecedented economic and social pressures, we are confident that the Bank’s Non-sovereign Operations supported through this concessional loan will play an essential role in addressing these pressing issues.”

    Dr. Adesina thanked the government of Japan as well as JICA, for their continued support to the Bank and Africa.

    He invited JICA to collaborate with the African Development Bank Group in other critical areas, such as refining the food and agriculture delivery compacts developed by African countries during a January food summit held in Senegal to tackle the continent’s food insecurity.

    “JICA’s support would be crucial in the implementation of the Special Agro-processing Industrial Zones, which will be the biggest game changer in Africa’s agriculture. It will transform rural economies, reduce food losses, process and add value to crops produced in rural areas and create jobs,” Adesina added.

    “Support young people to go into agriculture. Youth are Africa’s best asset, but they lack access to finance. The Bank is establishing youth entrepreneurship investment banks to provide young people with financial and technical support throughout the business cycle,” Adesina urged.

    Dr Tanaka agreed with the areas highlighted by the African Development Bank chief saying they were important to Japan’s agenda of future collaboration with Africa.

    On the need to create jobs for young people, the JICA president said: “It is silly not to take advantage of active youth in Africa. In Africa, you have an abundance of youth but in Japan, we have abundance of an old population.”

    Dr. Tanaka said it was important to explore ways of promoting interaction between Japan’s university students and those of Africa to foster exchange of knowledge and skills. He agreed that JICA should hold further discussions with the African Development Bank Group to look into other issues raised by Adesina, including digitization of primary healthcare operations, and the establishment of the African Pharmaceutical Technology Foundation to be hosted in Rwanda’s capital, Kigali.

    Related

    AfDB African Private Sectors JICA Loan Facility
    Share. Facebook Twitter Pinterest LinkedIn Email
    Oluwasegun Olukotun

    Related Posts

    WhatsApp Just Opened the Door to Ads and Closed Something Else

    Tesla Begins African Expansion with New Casablanca Office

    Can Content Creation Survive Nigeria’s Data Crisis?

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.