Japanese minister ‘pledges support to Africa’s growth’

Japanese Vice Minister of Finance and International Affairs, Masato Kanda, has said his country will partner African Development Bank to drive development in Africa.

Kanda, in a statement by the bank yesterday, spoke when he visited the bank’s president, Dr Akinwunmi Adesina.

He praised his leadership skills while affirming the bank’s strategic importance to Africa’s growth.

Kanda affirmed Japan’s intent to continue supporting the bank’s poverty reduction and resilience-building interventions amid global challenges.

“Japan is committed to helping AfDB to mitigate challenges.

“The world is facing poverty reduction challenges, combating climate change, and infrastructure needs.

“The situation is difficult. Now, the strategic importance of AfDB is even more enhanced.

“The status of AfDB has increased globally under p resident Adesina’s strong leadership; and we have strong confidence in his leadership of the bank,’’ he said.

Responding, Adesina lauded Japan’s substantial contributions to the bank and Africa in general.He said: “Japan provided a significant amount of money for us for the African Development Fund, 604 million dollars.

“Additionally, Japan donated over 421 million dollars in the form of concessional donor loans, which allowed us to have a very successful ADF 16th replenishment.”

According to Adesina, part of the discussions centred on innovative approaches like hybrid capital and Special Drawing Rights to enhance the bank’s impact.

He said the visit fell on Japan’s National Day, adding that this was the first time that a Vice Minister of Finance of Japan would visit the headquarters of the AfDB.

“So, I feel tremendously honoured that the minister is here.

“In August 2022, AfDB and Japan inaugurated a five billion dollar financial cooperation under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative covering 2023-2025, which is progressing well.

“There is also a 100 million dollar Japanese impact fund which the AfDB will contribute 10 million dollars of equity.

“The fund was inaugurated by Ken Shibusawa, the Chief Executive Officer (CEO) of Shibusawa and Company Inc., who is also a director of Keizai Doyukai, the Japanese association of corporate executives.’’

According to Adesina, Japan’s support extends to co-creating an investment ecosystem with the bank.

He said this effort gathered momentum at the 8th Tokyo International Conference on African Development (TICAD8) held in Tunisia in August 2022.

“My follow-up visit to Japan in April 2023 further strengthened ties. During that visit, I addressed the Japan-Africa Investment Ecosystem Co-Creation Forum while calling on Japanese businesses to invest more in Africa,’’ he said.

The News Agency of Nigeria (NAN) reports that the meeting was attended by the Japanese delegation, which included aides and advisors.

It was also attended by the Bank Group’s Executive Director for Japan, Brazil, Argentina, Austria, and Saudi Arabia, Takaaki Nomoto.