From Ventures Africa

The African Development Bank (AfDB) has received a loan of 30.69 billion Japanese Yen ($307 million) from the Japan International Cooperation Agency (JICA); this is the fifth loan to the AfDB under the Enhanced Private Sector Assistance (EPSA) for Africa Initiative, which supports job creation and entrepreneurship in Africa.

With the signatures of the Head of the Asian External Representation Office (ASRO) of the AfDB, Masayuki Tamagawa, and the Vice‐President of JICA, Hiroshi Kato, the loan agreement was formalized at a signing ceremony.

“I am very happy to sign on the Loan Agreement today which we believe will help further the progress of private sector development and also the employment situation among youth in Africa. Since the Asian Office of the AfDB has been in the frontline to promote private sector development of African, JICA is grateful to continuously cooperate with the AfDB to promote this effort in Japan,” Mr Kato said.

This fifth Private Sector Assistance Loan is particularly significant because it is the first loan to be facilitated after Japanese Prime Minister Abe’s announcement in January to double the support to EPSA to $2 billion.

Read more at Ventures Africa