- Title: Japan to drive Africa investment with enhanced trade insurance
- Date: 28th August 2019
- Summary: YOKOHAMA, JAPAN (AUGUST 28, 2019) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** JAPANESE PRIME MINISTER SHINZO ABE SHAKING HANDS WITH (LEFT TO RIGHT) JAPANESE GUITARIST, MIYAVI; CHIEF EXECUTIVE OFFICER OF INTERNATIONAL FINANCE CORPORATION, PHILIPPE LE HOUEROU; AFRICAN UNION COMMISSION CHAIR, MOUSSA FAKI MAHAMAT ATTENDEES LOOKING AT STAGE ABE STANDING AT LECTERN (SOUNDBITE) (Japanese) JAPANESE PRIME MINISTER, SHINZO ABE, SAYING: "This time at the TICAD 7, we hope to see Japan-Africa cooperation to bloom and bear fruit. Tomorrow I'm looking forward to discussing about what we need to do now." MIYAVI, LE HOUEROU AND MAHAMAT ON STAGE UNITED NATIONS SECRETARY-GENERAL, ANTONIO GUTERRES (LEFT), AND ADMINISTRATOR OF UNITED NATIONS DEVELOPMENT PROGRAMME, ACHIM STEINER, BANQUET IN PROGRESS VARIOUS OF GUESTS HOLDING DRINKS DURING TOAST BANQUET IN PROGRESS SIGN READING (English): "TICAD. YOKOHAMA, JAPAN 2019."
- 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: LVA001AU4S1TZ
- 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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