Japan and AfDB announce $5 billion in support for African private sector

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The Government of Japan and the African development bank announced $5 billion in financial cooperation under the fifth phase of the Enhanced Private Sector Assistance for Africa (EPSA) initiative from 2023 to 2025.

The announcement was made during the eighth Tokyo International Conference on African Development (TICAD8) held on Sunday (August 28th) in the Tunisian capital, Tunis.

The funds consist of $4 billion under the existing window, and up to an additional $1 billion that will be provided under a new special window. Japan will establish this special window to support countries that are making progress in improving debt transparency and sustainability, and other reforms, thereby steadily and significantly improving their debt situation.

Considering the importance of food security, Japan and the African Development Bank will add agriculture and nutrition as a priority area in EPSA 5. Accordingly, EPSA 5 will cover 1) electricity, 2 ) connectivity, 3) health, 4) agriculture and nutrition. as priority areas to address key challenges in Africa.

At the launch ceremony of EPSA 5, Japan’s Vice Finance Minister for International Affairs, Masato Kanda, said his country is committed to supporting African countries while respecting their own initiatives.

Japan International Cooperation Agency (JICA) President Akihiko Tanaka said, “In the grave situation caused by multiple crises, building resilience and promoting human security are essential elements of supporting the Japan to Africa. EPSA is an essential part of our partnership with the African Development Bank to address the social and economic challenges facing the continent. JICA is committed to working with EPSA to create a bright and prosperous future.

African Development Bank Group President Akinwumi Adesina said, “EPSA 5 is the kind of cooperation that Africa and the world need. The escalating impacts of climate change, the Covid-19 pandemic and the war in Ukraine mean that we must do even more than we have already done to mobilize the private sector and create job opportunities in Africa. The newly signed initiative will positively impact millions of lives across Africa.

Japan and the African Development Bank will join forces to support countries facing huge challenges, including food security, climate change, health, digitalization and debt issues.


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