The Japan International Cooperation Agency (JICA) has signed a $700.9 million loan agreement with the African Development Fund (ADF).
The loan is designed to provide an Official Development Assistance (ODA) which is part of Japan’s contribution to the African Development Fund’s Fourteenth Replenishment (ADF-14). This is the first JICA loan provided to the ADF.
The loan is expected to provide the African Development Fund with resources to support recipient countries during the ADF-14 period (January 1, 2017, to December 31, 2019).
It is designed to contribute to economic growth as well as poverty alleviation in Africa’s least developed countries.
The President of the African Development Bank Group, Dr. Akinwumi Adesina, acknowledged the landmark event and expressed the Bank’s gratitude and appreciation to the Government of Japan.
Signing the Notes of Exchange, Adesina said: “Thanks to Japan and its Government for keeping a promise. One often hears about many international pledges of development cooperation remaining unfilled.’’
Adesina stated that Japan was a longstanding development partner for Africa, with a significant portion of its aid commitments to the continent channeled through the African Development Bank Group.
Also speaking on the occasion, Japan’s Ambassador to Côte d’Ivoire, Hiroshi Kawamura, said he was glad to sign the accord to boost Africa’s socio-economic development adding that Japan’s contributions to the ADF-14 replenishment will allow the Government of Japan to increase its contributions to 7.3%, against 6.7% for the ADF-13,”.
Reports revealed that Japan is the second-largest contributor to the ADF in cumulative terms, and it has increased its contributions significantly over time.