During the conference, Japan pledged Sh3 trillion in various investments geared at transforming Africa’s economy.
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Announcing the plan at the two-day conference that brought together more than 20 African heads of states, Japanese Prime Minister Shinzo Abe promised to focus on key economic areas that will benefit the African continent.
The MOC, signed by the United States Agency for International Development (USAID) and the ministry of foreign affairs of Japan (MOFA), includes commitments to share strengths, expertise and resources in an effort to accelerate access to renewable energy in Africa, a press release explained.
This side event was held by JICA with main attendees being H.E. Mr. Paul Kagame, President of the Republic of Rwanda; H.E. Mrs. Ellen Johnson Sirleaf, President of the Republic of Liberia; Dr. Akinwumi Adesina, President of the African Development Bank; and Mr. Shinichi Kitaoka, President of JICA.
The $30 billion is in addition to $32 billion that Japan pledged to Africa over a five-year period at the last TICAD meeting in 2013.
Japan now trails its Asian counterpart, the second largest economy in the world in trade deals with African nations.
He noted that the conference was significant in the sense that this was the first time it took place in Africa.
It discussed challenges and opportunities of African women in peacebuilding processes.
This year’s TICAD Summit is the first to be held in Africa and it has involved bilateral political dialogue and discussions on boosting the private sector’s role in Africa’s growth agenda.
“We laud Japan and the co-organizers for their continued commitment to Africa’s development, on the basis of the twin principles of Africa’s ownership and global partnership”, Kenyatta said.
The conference was launched in 1993 by the government of Japan with the intention of refocusing worldwide attention on the importance and urgency of African development issues as well as to promote high-level policy dialogue between African leaders and development partners.
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According to the Presidential Media Aide, at the meeting between Buhari and Abe, they discussed how Japanese investment in the country has dropped in the last decade, blaming it on security and “business environment”.
