Japan pledges $30bln for Africa, about 9mln to spur Kenya economy

The Japanese government this weekend pledged to give Kenya about $9.78 million in aid to spur economic and social development in the Eastern African nation.

“Japan will extend grant aid for economic and social development amounting to one billion yen,” Japanese Prime Minister Shinzo Abe and Kenyan President Uhuru Kenyatta said in a joint statement late on Sunday.

Japan will also provide a concessional loan to the Olkaria geothermal project, operated by state-run Kenya Electricity Generating Company (KenGen), the two leaders added.

Speaking during the Tokyo International Conference for African Development (TICAD) in Nairobi on Sunday, Kenyan President Uhuru Kenyatta said that the summit of African government and business leaders with their Japanese counterparts had “the potential to transform the African continent.”

“We laud Japan and the co-organizers for their continued commitment to Africa’s development, on the basis of the twin principles of Africa’s ownership and international partnership,” Kenyatta said.

Japanese Prime Minister Shinzo Abe, told delegates that Tokyo would also commit $30 billion in public and private support for infrastructure development, education and healthcare expansion in the continent.

Note that Japan’s overall direct investment in Africa totaled $1.24 billion in 2015, down from about $1.5 billion a year earlier, according to the Japan External Trade Organization, which does not provide a breakdown of sectors.

About Geraldine Boechat 2761 Articles
Senior Editor for Medafrica Times and former journalist for Swiss National Television. former NGO team leader in Burundi and Somalia