Japanese Prime Minister Shinzo Abe promised to expand private-sector investment from the nation to Africa, at the Seventh Tokyo International Conference on African Development (TICAD 7) on support for countries in the continent.
In his keynote address at TICAD 7, in Yokohama, south of Tokyo, Abe noted that Japanese private investment in Africa totaled 20 billion dollars in the three years from 2016, when the previous TICAD meeting was held.
He stressed that Japan will shift its pillar of support from aid by the government to investment by the private sector, aiming to increase such investment in the next three years from the level in 2016-2018.
Tokyo will make “every possible effort” so that the amount in the past three years will be surpassed in the coming three years with the power of Japanese private investment, he said.
“We will do whatever…to assist the advancement of Japanese companies into Africa,” he added, suggesting that the Japanese government will create a system of entirely covering risks involved, such as those related to project financing, with trade insurance.