February 25, 2024

Japan re-iterates commitment to AfDB’s development drive

Japan re-iterates commitment to AfDB’s development drive

Japan’s Vice Minister of Finance Masato Kanda (left) and President Adesina during the former’s visit to Bank headquarters

… lauds Adesina’s leadership

By Jimoh Babatunde

Japanese Vice Minister of Finance for International Affairs, Masato Kanda, has reiterated his country’s commitment to partnering African Development Bank’s development drive across Africa.

Masato Kanda made the promise when he visited the African Development Bank headquarters recently, the first such visit.

Kanda affirmed Japan’s intent to continue supporting the Bank’s poverty reduction and resilience-building interventions amid global challenges.

President Adesina and Vice Minister Kanda (center), Bank Executive Director Takaaki Nomoto (second from left) and members of the visiting and Bank delegations

“Japan is committed to helping the African Development Bank to contribute further in mitigating these humanities challenges,” Kanda said.
While emphasising the Bank’s strategic importance under Dr Adesina, he described the visit as “constructive”.

“The world is now facing tremendous challenges from poverty reduction, combating climate change, a huge amount of infrastructure needs…And the geopolitical situation is really difficult. And now the strategic importance of the African Development Bank is even more enhanced,” he said.

Applauding Adesina, Vice Minister Kanda said, “The status of the African Development Bank has increased globally under President Adesina’s strong leadership,” noting further, “We have strong confidence in your leadership of the African Development Bank”.

Adesina lauded Japan’s substantial contributions. “Japan provided a significant amount of money for us for the African Development Fund, $604 million,” he said.

“Additionally, Japan donated over $421 million in the form of concessional donor loans, which allowed us to have a very successful ADF 16th replenishment,” the Bank president noted.

Adesina added, “This is the first time that a Vice Minister of Finance of Japan will visit the headquarters of the African Development Bank, so I feel tremendously honoured that the minister is here.”

In August 2022, the Bank and Japan launched a $5 billion financial cooperation under the fifth phase of the Enhanced Private Sector Assistance for Africa initiative covering 2023-2025, which Adesina noted is progressing well.

Adesina also mentioned a $100 million Japanese impact fund for which the African Development Bank will contribute $10 million of equity.

The fund was launched by Ken Shibusawa, CEO of Shibusawa & Company Inc., who is also a Director of Keizai Doyukai, the Japanese association of corporate executives.