African Development Bank commends Japan’s multi-billion-dollar support for Africa’s economic transformation
The President of the African Development Bank, Akinwumi Adesina, has commended the Government of Japan for its strong support of the Bank and its multi-billion economic transformation partnership with Africa. Adesina identified the private sector, energy and infrastructure development as key sectors that have benefited from Japan’s support.
Speaking at the Nobel Prize Dialogue in Yokohama as a global expert on food, agriculture and development, Adesina highlighted huge business opportunities for Japanese investment in the agribusiness sector. He also emphasized the strategic importance of two new initiatives: the Transformation of the African Savannah Initiative (TASI) and the Bank’s Technologies for African Agricultural Transformation (TAAT) programme for scaling up agricultural technologies for millions of farmers. Both initiatives are aimed at reducing Africa’s widening and increasingly expensive net food trade deficit.
Adesina emphasized the importance of good nutrition, especially for young mothers and babies, and said Africa’s most important infrastructure is “the grey matter infrastructure” of babies and young children. “Stunted children today mean stunted economies tomorrow,” said Adesina, who is championing a continent-wide initiative to end the burden of malnutrition in Africa – the African Leaders for Nutrition (ALN).
During his official visit to Japan, Adesina met top officials, including Deputy Prime Minister Taro Aso, Vice-Minister of Finance for International Affairs, Masatsugu Asakawa, key Government Ministers, and stakeholders, to consider issues of mutual concern.
Speaking at the meetings, President Adesina recalled the Bank’s long, close and friendly relationship with the Government of Japan. He commended Japan for committing $6 billion to fund energy projects in Africa through the Japan Africa Energy Initiative Facility, which allows Africa to access Japanese technologies and expertise.
He described the Japan-Africa Energy Financing Facility as “a product of the personal engagement and close relationship the Bank has with African Ambassadors resident in Japan, as well as a special relationship between the Bank and the Government of Japan.”
Adesina assured Japanese officials that the Bank’s planned General Capital Increase would predominantly benefit Africa’s lower income countries.
During meetings with executives of the Toyota Tsusho Corporation, the Africa-Japan Relations Committee, the Japanese Association of Corporate Executives, and the Japan International Cooperation Agency (JICA), the African Development Bank made a case for enhanced private-sector participation in Africa’s development and new methods of financing.
According to Adesina, “the Africa Investment Forum (AIF), scheduled for November 7-9, 2018 in Johannesburg, South Africa, is an ideal platform for this new approach to funding projects in Africa. Through the Africa Investment Forum, the Bank and other partner multilateral development banks will create a platform for bankable projects, investment financing, and opportunities for growing infrastructure investment across Africa.
“The Africa Investment Forum is a 100% totally transactional platform, where deals will be concretized and executed. I expect the platform to become Africa’s premier investment marketplace.”
During meetings with Japan’s State Minister for Foreign Affairs, Kazuyuki Nakane, the Bank shared its keen interest in co-organizing the 2019 Tokyo International Conference on African Development (TICAD VII) in Yokohama, in order to strengthen business ties between Japan and Africa.
Adesina also commended the African diplomatic community in Japan for its prominent role in promoting business and investment between Japan and Africa. “On account of your work, the business ties and understanding between Japan and Africa have never been stronger.”
Numerous African Ambassadors in Japan commended the Bank for strongly supporting Africa’s business development. Ambassador Jérôme Kloh Weya of Côte d’Ivoire conveyed his country’s appreciation for the African Development Bank’s role in refinancing Air Côte d’Ivoire in 2017, and for opening up bright prospects for business opportunities in the West African region.
- Meeting with State Minister for Foreign Affairs Mr. Kazuyuki NAKANE
- Meeting with Senior official of the Ministry of Economy, Trade and Industry (METI), Parliamentary Vice-Minister of Economy, Trade and Industry, Dr. Masaki OGUSHI
- Meeting with Mr. Kiyoshi KODERA Former Executive Director of Japan to AfDB, Former JICA Vice President
- Lunch with the President and Managing Director of the Africa Society of Japan
- Meeting with Vice Minister of Finance for International Affairs, Mr. Masatsugu ASAKAWA
- Meeting with Private Sector Representative
- Meeting with JICA President Mr Shinichi KITAOKA and Senior Vice President Mr Hiroshi KATO
- Dinner with senior officials of MOF