The African Development Bank Group (AfDB) and the Japan International Cooperation Agency (JICA) have signed a landmark 51.67 billion Japanese Yen (US $421mn) concessional donor loan.
- The country has been a top donor to the African Development Fund, the concessional lending window of the Bank Group, since it joined the ADF in June 1973.
- In June, Kenya pledged to invest US $100mn in the AfDB, Afreximbank, and Trade Development Bank to enable it increase its shareholding in the institutions.
- In September, the regional multilateral lender an equity investment in Dhamana Guarantee Company, a Nairobi-based provider of guarantees to support sustainable growth enterprises.
“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 multiple crises. Rising energy and food prices, supply chain disruptions, and worsening debt sustainability are having a serious impact on African countries,” JICA Executive Senior Vice President Katsura Miyazaki.
“We commit to working together toward a successful ADF-17 replenishment discussion next year,” Japan’s Deputy Vice Minister Daiho Fujii of the Finance Ministry said.
