Japan PM pledges to invest $30bn in Africa
Aug.28, Tokyo: Japanese Prime Minister Shinzo Abe has pledged to invest $30bn in Africa over the next three years. He made the pledged at a summit in Kenya.
Starting this year, Japan will make a $10bn investment in the continent's infrastructure development, focusing on electrical power, urban transport systems, roads and ports, Abe said at the Saturday opening of the Tokyo International Conference on African Development (TICAD).
An additional $20bn will flow into Africa through investments from Japan's private sector during the same period, he added.
Abe also announced the launching of the Japan-Africa economic forum, adding that Japanese government officials and top business leaders will be visiting the continent every three years, media reported.
He said: "This is an investment that has faith in Africa's future." Some 30 African heads of state are taking part in the conference, which runs until Sunday, and about 70 agreements are expected to be signed.
Abe is using the conference to meet dozens of leaders from across the continent, including Kenya's President Uhuru Kenyatta and South Africa's Jacob Zuma.
It is the first time that the TICAD summit is being held in Africa, with all five previous events hosted in Japan.
The goal of the conference, organised jointly by the United Nations, the African Union, the World Bank and Japan, is to boost trade and aid to Africa, with Japan hoping to increase its influence in the continent.
The Oslo Times International News Network