JAPAN: Japan to provide up to four billion U.S. dollars worth of soft loans to Africa over the next five years

Record ID: 455914

  • Title: JAPAN: Japan to provide up to four billion U.S. dollars worth of soft loans to Africa over the next five years
  • Date: 28th May 2008
  • Summary: (W1) YOKOHAMA, JAPAN (MAY 28, 2008) (REUTERS) EXTERIOR OF THE CONFERENCE BUILDING IN YOKOHAMA SIGN OF "TICAD IV YOKOHAMA 2008" SIGNS OF THE CONFERENCE HANGING FROM BUILDING SECURITY AROUND THE CONFERENCE BUILDING
  • Embargoed: 12th June 2008 13:00
  • Keywords:
  • Location: Japan
  • Country: Japan
  • Topics: International Relations
  • Reuters ID: LVADI5COK3GDAD3LG7I9ARB60IM9
  • Story Text: Japanese Prime Minister Yasuo Fukuda announced that Japan will provide up to four billion U.S. dollars worth of soft loans to Africa over the next five years at the start of the Tokyo International Conference on African Development (TICAD) on Wednesday (May 28) in the city of Yokohama, Japan.
    "The first pledge that I would like to make today is that over the next five years, Japan will proactively and flexibly provide up to four billion dollars of soft loans to Africa," Fukuda said during his opening remarks.
    "It will certainly help increase momentum for infrastructure improvements," he added.
    Over the next three days, Fukuda will hold bilateral talks with over 40 African heads of state and members of international organisations as part of his duties as host of the fourth round of TICAD sessions.
    "We also welcome the announcement to double aid to Africa by 2012, together with the focus on enhancing maternal-child health in Africa as well as assisting Africa, double rice production and provide safe drinking water among many others. TICAD IV indeed answers some of the critical factors in the promotion of economic growth and development on the African continent,"
    he added.
    Japan plans to double annual foreign aid to Africa to 200 billion yen ($1.9 billion U.S. dollars) by 2012, according to government sources. This includes yen loans and grand aids, but not debt relief, an official at the foreign ministry said.
    As Japan faces rising competition from China and India for Africa's natural resources such as rare metals, the country aims to strengthen ties with the resource-rich continent.
    The hosting country also hopes to win support for its bid for a permanent seat on the United Nations Security Council.
    Japan's foreign aid grew from the late 1970s as it strengthened ties with resource-rich developing countries and sought to boost its global profile to match its economic power.
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