The African Development Bank has urged Japanese investors to collaborate with local partners in Africa in order to stimulate growth on the continent.
“Africa’s challenge today is to attract more private investors who can join forces with local partners in order to create added value and thus initiate inclusive and sustainable growth. In this context, Africa needs much more investment from Japan. The African Development Bank is ready to support this,” said Samuel Higenyi Mugoya, the Bank’s director, syndications, co-financing and client solutions.
Mugoya noted that the private sector’s importance to Africa’s development had been recognised during the 7th Tokyo International Conference on African Development (TICAD7) held in 2019.
He also pointed to recent examples of co-financing operations, such as a loan to the Ghana Cocoa Board extended by the Bank and the Japan International Cooperation Agency under the enhanced private sector assistance initiative. Another project, Mozambique’s LNG Area 1 Project, is jointly financed by the Japan Bank for International Cooperation and Nippon Export and Investment Insurance.