Japan pledges $32 billion aid to Africa

6 June 2013

Japan offered a $32 billion (3.2 trillion yen) package to African countries at the opening of the Tokyo International Conference on African Development (TICAD) in order to stimulate Japanese investment, help growth and counter Chinese influence on the continent.
As part of the $32 billion pledge Japan will confer some $14 billion in official development aid and $6.5 billion to support infrastructure.Following Fukushima backlash, resource-poor Japan has been even keener on trying to diversify its energy resources and be less reliant on oil and gas import.
According to the Japan External Trade Organization and China's government data, Japan invested nearly $460 million in Africa in 2011 compared to china’s 3.17 billion.
The Conference ended with the adoption of the Yokohoma Declaration designed to promote private sector-led growth and sustainable development. The Declaration consists in a five-year action plan for 2013-2017.  "We'll encourage expanded trade, tourism and technology transfer, and assist in developing small and midsize local companies. We'll also support regional integration to expand intra-regional trade and create new opportunities for private sector development and employment," reads the declaration.

The conference brought together leaders of 50 African countries as well as representatives of international organisations from 1 to 3 June.
Sources:
Abe offers $32 billion to Africa as Japan seeks resources access, Reuters - 31 May 2013
Japan pledges $32 billion aid for Africa to boost investment, Bloomberg - 1 June 2013
Japan calls for mass investment in Africa, Allafrica - 3 June 2013

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