A total of 73 Memorandums of Understanding were signed during the 6 th TICAD conference that came to a close on Sunday in an unprecedented move to boost trade between the African continent and Japan.
This follows closely the Asian economic giant’s pledge to invest in public and private sectors for infrastructure development, education and healthcare expansion in Africa.
The package would be spread over three years from this year and include supporting infrastructure projects, to be executed through cooperation with the African Development Bank.
Japan Prime Minister Shinzo Abe said 67 per cent of the previous funds that his country had pledged to Africa had already been put to use in various projects.
Under the MOUs, the funds will focus on infrastructure, education, health, agriculture, ICT and mining among other sectors.
The funding is in addition to measures taken by Japanese businesses as well as the governments of Japan and African countries and relevant organizations, to promote Japanese business activities in Africa.
The 73 MOU’s involve 22 Japanese companies and universities with the African countries.
The Japan Prime Minister Shinzo Abe said the large number of the captains of industries from Japan who have accompanied him is a sign of commitment by the top companies from his country to grow together with Africa.
He said in order for Africa to continue its quality growth, private sector role is very critical.
To advance efforts geared towards the transformation of business environment, the Japan Prime Minister said, his country and the continent of Africa will launch the “ Japan-Africa Public and Private Economic Forum” as one of the most important outcomes of TICAD V1 conference.