Africa presents a compelling investment destination for Japanese firms, with high growth potential and the African Development Bank’s strong support to manage risks, African Development Bank Group (www.AfDB.org) leaders stressed at the Japan-Africa Business Forum in Tokyo.

“Africa has huge private sector opportunities. The continent offers some of the highest returns globally,” said Prof. Kevin Chika Urama, Bank Group Chief Economist and Vice President, in a presentation highlighting Africa’s abundant renewable energy potential, and the need for strategic investments in green minerals and value addition. “Smart investments in Africa are good business — doing well by doing good,” he stressed.

Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, highlighted Japan’s competitive advantage in geothermal technology. “90% of all the turbines in Kenya are from Japan, starting with Mitsubishi,” he noted. Kariuki also positioned Africa as a solution to Europe’s energy challenges, with planned interconnections to export power and hydrogen.

The forum was organised by the African Development Bank and Keizai Doyukai, the Japanese Association of Corporate Executives, with support from Japan’s Ministry of Finance.

Bank leaders underscored the institution’s commitment to making investing in Africa more attractive. “We have facilities within the Bank to try and de-risk these projects,” said Kariuki, citing the Sustainable Energy Fund for Africa’s (SEFA) support for the Kom Ombo and Kairouan solar projects amid escalating costs.

Kazuko Nagura from Japan’s Ministry of Economy, Trade and Industry (METI) announced plans to hold the third Japan-Africa Public-Private Economic Forum later this year. The event will offer Japanese companies an opportunity to travel to Africa to undertake business development and networking.  Nagura also made reference to the ministry’s  efforts to support Japanese business ventures in Africa such as the AfDX (https://apo-opa.co/4eCjcP4) program and Expo 2025 Osaka, Kansai (https://apo-opa.co/4be8M58) planned for next year.

During a panel discussion on investing in African startups, Vice President for Private Sector, Infrastructure and Industrialisation Solomon Quaynor stressed the potential of the Fourth Industrial Revolution (4IR) to drive productivity improvements and deliver services to the base of the pyramid. “The idea is to use technology to increase profitability through efficiency, so you’re delivering value for which all segments of society are actually paying,” he explained.

Quaynor highlighted the Bank’s initiatives to develop Africa’s human capital and startup ecosystem, including partnerships with tech giants: “We have a program with Intel to train 9 million Africans in artificial intelligence and a coding for employment program to upskill up to 50 million youth.”  He said the Youth Entrepreneurship Investment Banks (YEIBs) (https://apo-opa.co/4cuUaPV) will further support tech-enabled companies and enhance the collaboration with &Capital, a new Africa-focused impact fund endorsed by Keizai Doyukai.

Misako Takahashi, Deputy Director-General of the Middle Eastern and African Affairs Bureau at Japan’s Ministry of Foreign Affairs, highlighted TICAD as a platform for co-creating innovative solutions for growth and to discuss Japan and Africa’s shared future.

Yacine Fal, the Special Representative of the African Development Bank’s President to the Africa Investment Forum (www.AfricaInvestmentForum.com), showcased the platform’s role as a premier conduit for investment into Africa’s agriculture, energy, transport, healthcare  and ICT sectors, among others. She noted the successful participation of Japanese investors and business leaders including those from Keizai Doyukai at the 2023 Market Days held last November in Marrakech.  

 Earlier in the day, Keizai Doyukai, and the African Development Bank reaffirmed their commitment to work together to strengthen business ties between Japan and African countries. The two jointly organized the business forum to increase interest in African business and promote a better understanding of the Japanese private sector ahead of TICAD9. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

More images: https://apo-opa.co/3VyblJv

Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org. 

The African Development Bank (www.AfDB.org) and Infrastructure Credit Guarantee Company Limited (InfraCredit) have signed an agreement for a $15 million subordinated loan facility to strengthen InfraCredit’s capital base and attract institutional investors’ resources to help close Nigeria’s infrastructure financing gap.

Lamin Barrow, Director General of the African Development Bank’s Nigeria Country Department, and Chinua Azubike, CEO of InfraCredit, signed the agreement in Lagos on 14 June 2024.

The facility will boost  InfraCredit’s efforts to unlock additional long-term local currency financing through the capital markets for infrastructure projects, primarily by leveraging pools of capital from pension funds and other institutional investors in the West African country.

InfraCredit is a specialized Nigerian credit guarantee company that mobilizes long-term capital from institutional investors to support infrastructure projects, including green and climate-aligned developments.

Barrow expressed the Bank’s satisfaction with this operation. “Our support to institutions such as InfraCredit demonstrates the importance of promoting innovative and scalable solutions to leverage pools of capital from domestic institutional investors, and position local capital market as a viable alternative source of long-term funding to bridge the continent’s huge infrastructure deficit, he stated.”

In his comments, Azubike said, “We are delighted by AfDB’s confidence in our business model, which has successfully facilitated private sector investment in impactful infrastructure projects and InfraCredit’s clean energy roadmap that has accelerated green finance for climate-aligned infrastructure, fostering SME growth, job creation, sustainable energy access, and overall economic development. Despite challenging market conditions, we have consistently demonstrated strong fundamentals, solid portfolio performance, a proven track record, and profitability. The further expansion of our capital base by this facility will bolster our ability to support access to long-term local currency domestic credit for our rapidly growing pipeline of infrastructure projects currently worth over NGN 839billion ($579million), fostering job creation and economic growth.”

Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization of the African Development Bank Group, stated, “The African Development Bank is pleased to be providing additional capital to InfraCredit Nigeria. The success of InfraCredit has inspired the replication of its business model across the continent, a key part of our strategy for scaling up private sector financing in Africa. This is evidenced by our support for the establishment of a similar institution in Kenya covering the East Africa region.”

The partnership advances several strategic objectives under the Bank’s current country strategy for Nigeria, including stimulating local currency bond market financing across key infrastructure sectors and enhancing economic diversification and competitiveness.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org

Technical Contact:
Peter Onyango
Financial Sector Development Department
African Development Bank

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org  

Promising areas of cooperation and current issues on the bilateral agenda were discussed on June 21, 2024 in Addis Ababa during the meeting between Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to the Federal Democratic Republic of Ethiopia, Pavel Vziatkin, and Minister of Foreign Affairs of Ethiopia, Taye Atske Selassie.

The main attention during the conversation between the Belarusian diplomat and the Head of the Ethiopian Foreign Ministry was paid to the development of political dialogue, the expansion of trade and economic ties, as well as the implementation of joint events in the humanitarian sphere. 

Distributed by APO Group on behalf of Ministry of Foreign Affairs of the Republic of Belarus.

President Yoweri Kaguta Museveni yesterday evening presided over the signing of a Memorandum of Understanding (MOU) between the Government of Uganda and United Arab Emirates’ Sharjah Chamber of Commerce and Industry at Speke Resort Munyonyo.

President Museveni welcomed the signing of the MOU between Uganda and the Chamber.

He was also happy to note that Uganda and the Gulf countries have strengthened relations which were not there in the past. He added that there is a lot of potential for investment between Uganda and the Gulf countries which should be explored.

The MOU was signed between the Government of Uganda through the Ministry of Works and Transport and Civil Aviation Authority, Ministry of Tourism, Wildlife and Antiquities and Uganda Wildlife Authority, and Sharjah Chamber of Commerce and Industry.

In the Memorandum, Sharjah Chamber of Commerce and Industry agreed to construct Kidepo International Airport near Kidepo National Park and Construct Tourist Hotels within Kidepo National Park to boost the tourism sector and the economy of Uganda.

H.E Abdallah Sultan Al Owais, the Chairman of the Chamber told the President that the construction of the Airport is set to start in August, 2024, and he promised to deliver good work on time.

The signing of the Memorandum of Understanding was also witnessed by Maj. Gen. Kahinda Otafiire, the Minister of Internal Affairs, Gen. Katumba Wamala, the Minister of Works and Transport, Hon. Martin Mugarra Bahinduka, the State Minister for Tourism, Wildlife and Antiquities, H.E Abdalla Hassan Alshamsi, the Ambassador of the United Arab Emirates to Uganda.

Distributed by APO Group on behalf of State House Uganda.