AfDB gets $668.1m from Japan for concessional loans


Temiloluwa O’Peters

the Japan International Cooperation Agency and the African Development Fund, the concessional arm of the African Development Bank Group, have signed a loan agreement of $668.1m to support the 15th replenishment of the ADF (ADF-15).

During a virtual ceremony, AfDB President, Dr Akinwumi Adesina, and Japanese Ambassador to Côte d’Ivoire, Kuramitsu Hideaki, signed an Exchange of Notes, while the loan agreement was signed by the JICA Chief Representative in Côte d’Ivoire, Fujino Kojiro and acting AfDB Senior Vice President, Swazi Tshabalala.

READ  ICYMI: How Bayelsa lost OML 46, by Sylva

According to a statement issued by AfDB on Wednesday, the JICA loan, the largest to ADF-15, will support the 15th replenishment of the African Development Fund, approved in December 2019 by ADF donor countries.

Adesina pointed out that Japan’s concessional donor loan was almost 10 per cent of the total ADF-15 resources of $7.5bn.

He added that Japan was also the largest provider of concessional donor loans under the African Development Fund’s 14th replenishment and had contributed a total of $4.6bn to the Enhanced Private Sector Assistance Initiative, a joint flagship project with the bank.

READ  Nigeria’s economy moving in right direction but slow – Amina Mohammed

“Japan continues to add great value to the overall replenishment cycles of the African Development Fund,” Adesina said, adding that the latest loan “will greatly boost the liquidity of the ADF and allow us to ramp up much-needed support to the ADF countries.

Hideaki said the loan formed part of Japan’s commitment to promote industrial human resource development, innovation and investment, and to invest in quality infrastructure to enhance connectivity.

READ raises £1m for UK's indie booksellers amid lockdown

At the same conference, Japan also announced that it would contribute to phase four of the EPSA initiative.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.



Be the first to comment

Leave a Reply