Japanese minister praises AfDB President Adesina and pledges support for African development
Japan's Vice-Minister of Finance and International Affairs Masato Kanda reiterated his country's continued commitment to partnering with the African Development Bank (AfDB).
The aim, Kanda said, is to promote development across Africa.
Kanda said this in a statement issued by the bank on Sunday, during a visit to AfDB President Dr. Akinwunmi Adesina at the bank’s headquarters.
He affirmed the strategic importance of the African Development Bank and praised the leadership skills of the Bank President.
Mr. Karita also confirmed Japan's intention to continue supporting the Bank of Japan's poverty reduction and resilience-building interventions amid global challenges.
“Japan is committed to supporting the AfDB to further contribute to mitigating these humanities challenges. Moreover, I must say that today's meeting was constructive.
“The world currently faces major challenges, including reducing poverty, combating climate change, and building massive infrastructure.
“The geopolitical situation is really difficult. The strategic importance of the AfDB is now even higher.
“Under President Adesina's strong leadership, the AfDB's standing has improved globally, and we have great confidence in his leadership of the bank,” he said.
In response, Mr. Adesina praised Japan's significant contribution to the bank and Africa in general.
He said, “Japan has provided a large sum of $604 million to the African Development Fund.
“Additionally, Japan contributed more than $421 million in the form of concessional donor loans, which enabled us to make the 16th ADF replenishment a huge success.”
Adesina said some of the discussions focused on innovative approaches such as hybrid capital and special drawing rights to increase banks' influence.
He said the visit was on Japan's National Day, adding that this was the first time a Japanese vice-minister of finance had visited AfDB headquarters.
“So I am very honored to have the Minister here.
“In August 2022, the AfDB and Japan launched a $5 billion financial cooperation under the fifth phase of the Strengthening Private Sector Support for Africa Initiative, covering 2023-2025, and are on track to do so.
“We also have a $100 million Japanese impact fund, and the AfDB will invest $10 million.
“This fund was established by Ken Shibusawa, CEO of Shibusawa & Company Co., Ltd., who is also a board member of the Japan Association of Corporate Executives.”
According to Adesina, Japan's support also extends to co-building an investment ecosystem with banks.
He said the initiative gained momentum with the Eighth Tokyo International Conference on African Development (TICAD8) to be held in Tunisia in August 2022.
“The bond was further strengthened by my subsequent visit to Japan in April 2023. During that visit, I spoke at the Japan-Africa Investment Ecosystem Co-Creation Forum and urged Japanese companies to increase their investments in Africa. “I called,” he said.
The News Agency of Nigeria (NAN) reported that the meeting was attended by a Japanese delegation including aides and advisors.
The meeting was also attended by Mr. Takaaki Nomoto, the Group's Executive Director for Japan, Brazil, Argentina, Austria and Saudi Arabia.
Source: guardian.ng