Accompanied by approximately 200 officials from more than 70 Japanese countries, the trip marked Abe’s first official visit to the continent in over 15 years, proving that Africa was a valuable asset to the eastern nation.
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Japan’s three megabanks, including Sumitomo Mitsui Banking Corp., the core banking arm of Sumitomo Mitsui Financial Group Inc., signed memorandums of understanding with the African Development Bank to expand cooperation.
Seijiro Takeshita, an economist and professor at the University of Shizuoka, said the political reasoning behind Japan’s decision was to secure itself on global and regional fronts.
The President was speaking at the High Level Plenary Session on Private Sector Development at the ongoing Tokyo International Conference on African Development [TICAD] Summit in Nairobi.
He said Africa, nonetheless, has its “challenges… which we are working to redress, but right partnerships will help us to manage and mitigate the impact of these challenges and risks”. It’s an historic occasion, Japanese Prime Minister Shinzo Abe told reporters here Friday.
Announced last week already, Japanese Prime Minister Shinzo Abe has now announced and provided details about a a bold new African infrastructure plan worth U.S. $10 billion. The leaders underlined that TICAD is a unique platform which is crucial to cement and enhance socio-economic and political cooperation between Japan and Africa.
Japan will give Kenya 1 billion yen (7.45 million pounds) in aid to spur economic and social development, and will extend an as yet unspecified amount for a geothermal power project, the leaders of the two countries said.
As well as diplomats and politicians, TICAD will also gather business executives and other participants from Japan and Africa in what Abe hopes will be a boost to two-way trade.
“Our pre-occupation since 2013 has been working at the Yokohama Declaration resolutions and I am happy to note that the implementation in various areas has been good”, Mr Kitaoka says.
The agency is expected to continue supporting Africa’s efforts of further infrastructure development to bring real benefits to the continent.
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Zhang Ming said, “All the African countries that have spoken during the meeting have objected and refused to politicize the Tokyo International Conference on African Development”.
