Japan Pledges $2B For African Oil, Gas, Mineral Exploration With ‘Japanese Touch’

Japan Pledges $2B For African Oil, Gas, Mineral Exploration With ‘Japanese Touch’

From Global Post.

The Japanese government on Saturday promised $2 billion in financial support for the  development of oil, gas, minerals and other resource projects by Japanese companies in Africa over the next five years, along with training personnel.

“We will enhance ties with Africa with a ‘Japanese touch,'” said Japan Economy, Trade and Industry Minister Toshimitsu Motegi.

Motegi spoke at a press conference after a meeting with South African Mineral Resources Minister Susan Shabangu, according to a report in Global Post.

The initiatives were unveiled during a meeting of ministers and representatives from Japan and 15 African countries in charge of resource issues. The event was held ahead of a summit-level international conference on African development planned in June in Yokohama, according to the report.

Government-affiliated Japan Oil, Gas and Metals National Corp. plans to provide to Japanese companies capital and other forms of financial support worth $2 billion for exploration and development of oil, gas, mineral projects and other resources.

Japan says it also plans to promote human resource development in Africa, training 1,000 people over the next five years, and says it will cooperate in areas of environmental protection and worker safety at mines.

Motegi denied that Japan is hosting these events to counter China’s increasing influence in resource-rich Africa, according to the report. It’s “not simply about developing coal mines and importing the resources but also helping Africa’s self-sustaining development,” Motegi said.

Read more at Global Post.