Japan lends $1b to expand Africa’s economic growth

Japan has announced an additional $1 billion to support the Enhanced Private Sector Assistance for Africa (EPSA) over the next five years in order to promote Africa’s economic growth led by the private sector.

The ESPA, a joint initiative by the Japanese government and the African Development Bank (AfDB), was launched at the G8 Gleneagles Summit in 2005. Japan gave a Japanese yen loan amounting to $1 billion to support the continent’s economy.

After the recently-held G8 Summit 2012 in the US where the “New Alliance” was agreed with the aim of mobilizing private resources to improve food security in Africa, the Asian country has committed another $1 billion to support the cause.

“In light of this, building on the achievements so far, the government of Japan has decided to provide additional Japanese yen loan worth $1 billion over five years under the EPSA,” Japan’s Ministry of Foreign Affairs said in a statement May 22, 2012.

Japan said it intends to continue to actively work on the promotion of African economic growth through the private sector.

By Ekow Quandzie