First loan from Japan to support AfDB’s non-sovereign lending operations
Tunis, 21 February 2007 – African Development Bank (AfDB) Group’s Vice President for Finance, Mr. Thierry de Longuemar; Acting Chargé d’Affaires of the Japanese Embassy in Tunisia, Mr. Hidekazu Nagasawa and the Resident Executive Director for Africa of the Japan Bank for International Cooperation (JBIC), Mr. Izumi Arai, signed on Tuesday in Tunis, documents relating to the first loan from Japan to support the ADB’s non-sovereign lending operations. The 11.5 billion yen loan is being extended to the AfDB under the aegis of the Enhanced Private Sector Assistance (EPSA) initiative, which supports the Bank’s Private Sector Development Strategy.
The resources from the loan will be used for the AfDB’s existing non-sovereign lending programme, in conformity with the Bank’s policies and practices. The ADB’s non-sovereign lending programme is increasing rapidly, making such support very necessary.
The EPSA initiative is now fully operational as the two other components of the initiative, namely; the Accelerated Co-financing Facility for Africa (ACFA), which provides loans for joint co-financing of sovereign guaranteed projects supporting private sector development, and the Fund for African Private Sector Assistance (FAPA), which provides technical assistance resources, have been operational since 2006.
- 1 Euro= 157 JPY
- 1 USD = 119 JPY
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