AfDB and Japan invest $3 billion to support the private sector in Africa
Both parties will each contribute up to $1.5 billion over three years.The African Development Bank (AfDB) and the Japanese government will invest three billion dollars (€2.7 billion) to boost private sector growth and reduce poverty in Africa.
During the 6th edition of the Tokyo International Conference on African Development (TICAD VI), held in Nairobi, the two sides signed an agreement stating
that Japan and AfDB will each contribute $1.5 billion over the next three years.
This agreement is part of the Enhanced Initiative for Private Sector Assistance for Africa (EPSA).
"The AfDB and Japan agreed today to accelerate the EPSA joint initiative, which is at the heart of our longstanding partnership, to help stimulate growth induced by the private sector in Africa," said Japanese secretary of state for finance Taku Otsuka.
Meanwhile, AfDB president Akinwumi Adesina said this agreement is "a significant expansion of our support to the private sector and will play a crucial role in the economic transformation of Africa".