AfDB, Japan to support Central Africa projects with new $5B in funding

By AT editor - 6 September 2022 at 10:16 pm
AfDB, Japan to support Central Africa projects with new $5B in funding

The African Development Bank (AfDB) is inviting private sector organizations in the Central Africa region to reach out with plans for viable projects, now that there’s an additional US$5 billion in funding through the AfDB Enhanced Private Sector Assistance (EPSA) program.

Priority projects focus on providing power and connectivity, as well as health, agriculture and nutrition. The funding, committed by the government of Japan during the recent Tokyo International Conference on African Development (TICAD8) in Tunisia, includes $1 billion for African countries that “undertake reforms to foster debt transparency and sustainability,” the AfDB said Tuesday.

Examples of current or previously funded projects include the Bujagali hydropower plant in Uganda, the Lekki toll road in Nigeria, Kigali Bulk Water Supply in Rwanda and RASCOM, the first Pan-African communication satellite.

“The Bank is very keen to support private promoters’ investments in Central Africa since they are critical for the economic growth and job creation in this important region of the continent,” said Serge N’Guessan, AfDB head for the region.

“The EPSA Program financing will contribute tremendously to achieving this noble development objective.”

EPSA funds also provide assistance to small and medium business programs in Tanzania and Zambia, and industries including Lake Harvest, an aquaculture project in Zimbabwe, and Moulin Moderne du Mali, a food products company.

Prime Minister Fumio Kishida, speaking at the close of TICAD8 last week, said Japan committed a total of $30 billion to African development, including startup investment funds, money for the Global Fund to limit infectious disease, and new funding for emergency food assistance.

Image: AfDB

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