The African Development Bank (ADB) Group’s Asia Field Representation Office (SNAR) and the Co-financing, Syndication, and Financial Technical Services Department (FIST) organized a webinar for the Japanese private sector on Tuesday, September 29, 2020, on the theme: “Doing Business in Africa”. About 250 participants, mainly from Japan, but also from other Asian and African countries, attended the event.
At the opening, Samuel Higenyi Mugoya, Director of the Co-financing, Syndication and Financial Technical Services Department (FIST), recalled the importance of the private sector in Africa’s development, before noting that Japanese investments are necessary for the inclusive and sustainable development of Africa.
This role of the private sector had already been highlighted at the 7th Tokyo International Conference on African Development (TICAD) held in August 2019 in Yokohama, Japan.
Several projects funded by Japan
This senior Bank official gave the example of recent co-financing operations with Japan, such as the loan granted to the Ghana Cocoa Board by the Japan International Cooperation Agency (JICA) under the EPSA initiative (the Bank’s partnership with Japan), as well as the Mozambique LNG Area 1 project, co-financed by the Japan Bank for International Cooperation (JBIC) and the Japan Export and Investment Insurance (NEXI).
Atsushi Mimura, Deputy Director-General of the International Bureau of the Ministry of Finance of Japan, commended the relationship between Japan and the African Development Bank marked notably by the Japanese government’s subscription to the Bank’s capital, its participation in the replenishment of the African Development Fund, as well as the strengthening of technical cooperation through trust funds. He also stressed that JBIC and JICA were committed to establishing a closer relationship with the Bank through co-financing operations.
Towards Strong Demand for Infrastructure Investments
According to him, strong demand for investment in infrastructure, especially in health, is expected, with strong growth potential after the Covid-19 epidemic phase in Africa.
The Director of the Bank’s External Representation Office for Asia, Takashi Hanajiri, detailed the role and activities of this representation and described the Africa Investment Forum, organized by the Bank, as a strategic platform for business opportunities in Africa.
The Bank presented the framework of its partnership with Japan called “EPSA” and gave an overview of its activities in the private sector. It presented investment opportunities and success stories of private sector participation in electricity and renewable energy. The webinar also allowed participants to learn more about the financial products offered by the Bank to invest in the private sector.
Mitigating Risk through ADB Guarantee
The webinar moderator, Max Magor N’Diaye, encouraged the Japanese private sector to use the Bank’s financial products, including guarantees, to mitigate investment risks in Africa.
In his intervention, JBIC Vice Governor Nobumitsu Hayashi highlighted the Bank’s role in co-financing with JBIC the Mozambique LNG project, particularly in leading discussions and negotiations with the government and the Bank’s efforts to achieve inclusive development in Mozambique.
He also explained how JBIC could help the Japanese private sector develop its activities in Africa by leveraging its extensive network with the Bank. He urged participants to proactively invest in Africa with the support of JBIC and the African Development Bank.
Source: WebManager
