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Remarks by Dr. Akinwumi A. Adesina President, African Development Bank Group at TICAD 7 - Enhanced Private Sector Assistance for Africa Initiative (EPSA4) Announcement
The State Minister of Finance, Mr. Keisuke Suzuki,
The President of the Japanese International Cooperation Agency, Mr. Shinichi Kitaoka,
Your Excellencies, the Corps of Ambassadors from African countries based in Japan,
Members of the Senior Management and Staff of JICA and the African Development Bank, ladies and gentlemen,
Good morning everyone. Ohayou Gozaimasu!
Today marks another day to celebrate the strong and impactful partnership between Japan and the African Development Bank.
The African Development Bank and the Japan International Cooperation Agency (JICA) are long-term partners for promoting the development of Africa.
Our partnership is built around the Enhanced Private Sector Assistance (EPSA). EPSA helps to deliver much needed support to the private sector. Through the Accelerated Co-financing for Africa, the African Development Bank and JICA co-finance infrastructure projects.
Over the past 13 years, we have jointly provided financing of $13 billion.
Together, we have provided lines of credit to several financial institutions, which have helped to improve their liquidity.
We have co-financed major infrastructure projects, especially trade corridors. We have co-financed several energy projects, including power generation and power transmission.
The need for additional resources to do more together under EPSA is more important today than in the past, especially given the launch of the Africa Continental Free Trade Area – a market of $3.3 billion. The need for lines of credit for commercial banks to small and medium sized enterprises will rise, the same will happen for trade finance, while massive investments in quality infrastructure – roads, rails, ports, energy and digital infrastructure – will drive growth.
That is why I am delighted that today that JICA and the African Development Bank is launching EPSA 4, or if you wish EPSA 4.0.
Under EPSA 4, JICA and the African Development Bank will provide co-financing of $3.5 billion. This is a significant increase over EPSA-3, which was executed at $3 billion – a 17% increase.
Increase is what we need to meet the needs of Africa. Increase is what we need to raise the level of our ambitions for Africa. Increase is what we need to build upon the solid foundations of co-financing over the last 13 years, and deliver even greater and more impactful development results in the years ahead.
I wish to thank you, President Kitaoka and all of your Senior Management and staff, and the Senior Management and Staff of the African Development Bank, who have worked so hard to make EPSA 4 happen.
Now, let us arise with renewed vigor. Let us deliver even greater impacts for African countries through EPSA 4.
I look forward to returning here in the future for the announcement of EPSA 5. Then, EPSA 5 would have finally matched our High 5 priorities at the Bank: to Light Up and Power Africa; Feed Africa; Integrate Africa; Industrialize Africa; and Improve the Quality of Life of the People of Africa.
Here is a high 5 to EPSA!