Shinzo Abe, the Prime Minister of Japan announced plans to allocate $20 billion for investments in Africa, over the next three years. This was disclosed during the official opening of the Tokyo International Conference for African Development (TICAD), held in Yokohama, Japan.
Addressing African leaders during the opening speech, the Prime Minister noted that the Japanese private sector will continue to develop Africa’s human resources and infrastructure.
“I make this pledge to you: The government of Japan will put forth every possible effort so that the power of Japanese private investment of $20 billion in three years, should be surpassed anew from one day to the next,” he said. “We will do whatever it takes to assist the advancement of Japanese companies into Africa,” he added.
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Japan also seeks to train 3000 Africans in a human resource development program, for six years. The country will also offer investment support for partnerships aimed at boosting technological innovation, industrialization, impact investment, enterprise development, climate change adaptation and entrepreneurship from Japan’s government-backed institutions.
This is not the first time that Japan is investing in Africa. The sum of $20 billion was invested in the continent between 2016 to 2018. Last year, it partnered with Kenya to build a geothermal expansion power generation plant and also supplied Botswana with broadcasting equipment to support digital broadcasting.
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