- Title: Japan to drive Africa investment with enhanced trade insurance
- Date: 28th August 2019
- Summary: ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF MIYAVI PERFORMING AUDIENCE TAKING PHOTOS MIYAVI PERFORMING
- Embargoed: 11th September 2019 13:16
- Keywords: Japan Africa TICAD Shinzo Abe Miyavi Yokohama Antonio Guterres
- Location: YOKOHAMA, JAPAN
- City: YOKOHAMA, JAPAN
- Country: Japan
- Topics: Diplomacy/Foreign Policy,Government/Politics
- Reuters ID: LVA002AU4S1TZ
- Aspect Ratio: 16:9
- Story Text: Japan will offer enhanced trade insurance to boost private sector investment in Africa, Prime Minister Shinzo Abe said on Wednesday (August 28) as his country competes with rival China for influence in the resource-rich continent.
Abe made the comments at the seventh Tokyo International Conference on African Development (TICAD) in Yokohama, which was attended by a few dozen African leaders and representatives of international organisations such as the World Bank.
The enhanced insurance would fully cover loans to African governments, their affiliated institutions or private companies buying Japanese goods for infrastructure projects in Africa, according to government briefing materials and a state-run firm offering trade insurance.
Abe said he wished to strengthen ties between Japan and African nations, but did not make a major funding announcement at the Tokyo meeting.
At the last TICAD conference in the Kenyan capital Nairobi in 2016, Japan pledged $30 billion in public and private support for infrastructure development, education and healthcare in Africa over three years.
Foreign investment in sub-Saharan Africa rose 13% last year to $32 billion, bucking a global downward trend and reversing two years of decline, according to a United Nations report published in June.
Last September at a summit with African leaders in Beijing, Chinese President Xi Jinping pledged $60 billion in financing for Africa and wrote off some debt for the continent's poorer nations.
Western critics say the Chinese funding is saddling the continent with unsustainable debt, but Beijing denies it is engaging in "debt trap" diplomacy.
(Production: Kwiyeon Ha)
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