Japan provides US $700 million to African Development Fund

csm_japan_provide_adf_-_afdb_c3593276b6The Japan International Cooperation Agency (JICA) has signed a loan agreement with the African Development Fund (ADF) designed to provide an Official Development Assistance (ODA) loan to the tune of 73.601 billion Japanese Yen (approx. US $700.9 million). The loan 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 will provide the African Development Fund with resources to support recipient countries during the ADF-14 period (January 1, 2017 to December 31, 2019), and contribute to economic growth as well as poverty alleviation in Africa’s least developed countries.

The President of the African Development Bank Group, 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. I would like to commend the full accomplishment of Japan’s commitments to Africa’s development. With its US $700-million loan, which came on top of US $328 million in the form of a grant, Japan has significantly contributed to the ADF commitment capacity for the period 2017-2019.”

Source: African Development Bank

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s