ARTICLE · 13 MARCH 2018

Japan Steps Up African Investment With Development Fund Boost

Pinsent Masons

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The Japan International Cooperation Agency (JICA) has approved its first official development assistance loan to the African Development Fund ...

JapanGovernment, Public Sector

The Japan International Cooperation Agency (JICA) has approved its first official development assistance loan to the African Development Fund, to support loans for infrastructure and development projects across Africa.

The fund, part of the African Development Bank (AfDB) group, mainly provides support to least-developed and poor countries in the form of very long-term, low-interest financing.

In addition, the AfDB said JICA had awarded a grant of $328m to the fund.

The loan is part of Japan's contribution to the fund's 14th replenishment – providing financial backing to support countries through to the end of 2019.

Japan's ambassador to Cote d'Ivoire, Hiroshi Kawamura, said the loan replenishment marked an increase in contributions from his country to the fund from 6.7% to 7.3% since the last replenishment round.

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