The African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) signed a loan agreement worth 51.67 billion yen ($421 million).
The country has been the largest donor to the African Development Fund (the World Bank Group’s lending facility) since it joined the Fund in June 1973.
In June, Kenya pledged to invest $100 million in the African Development Bank, the African Export-Import Bank and the Trade and Development Bank to increase its stake in these institutions.
In September, regional multilateral lenders invested in Dhamana Guarantees, a Nairobi-based guarantee supporting sustainable business.
“We wouldn’t have had a successful ADF-16 replenishment without Japan’s continued support for concessional donor lending,” African Development Bank Group President Dr Akinwumi Adesina said.
African countries are facing many challenges. Rising energy and food prices, supply chain disruptions and bad debts are having a huge impact on African countries, JICA Executive Senior Vice President Katsura Miyazaki added.
Over the past three years, Japan has contributed 5.3 billion yen ($37.4 million) to the PHRDG through the African Development Bank Group to support 107 projects, 96 of which have been completed and 11 completed since September 2024. The donation increase underscores Japan’s commitment to building a renewed world of security a smart, efficient, inclusive and inclusive Africa.
