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AfDB secures US$100m loan for Africa's private sector.

The African Development Bank (AfDB) Tuesday said it had signed with the Japanese government a bilateral loan agreement to the tune of 9.48 billion Japanese yen (about US$ 100 million) towards the Enhanced Private Sector Assistance (EPSA) Initiative for Africa.

This was disclosed by AfDB in a statement, received here by PANA, following the signing of the agreement on Monday in Tunis by the AfDB President, Dr. Donald Kaberuka, and the Japanese Ambassador in Tunis, Mr. Juichi Takahara.

According to AfDB, it is the fourth loan to the bank under the Enhanced Private Sector Assistance (EPSA) for Africa Initiative, which supports entrepreneurship, job creation and economic growth in Africa.

During the signing ceremony, the AfDB President reportedly disclosed that the loan was the first under the Second Phase of EPSA and it was not only in line with JapanaACAOs commitment at the G8 Gleneagles Summit in 2005 but also a concrete realization of the outcome of the Tokyo International Conference on African Development (TICAD V) in Yokohama.'' ''This loan will help in accelerating private sector growth, create employment opportunities, support economic and social infrastructure development, and the investment climate,'' he said.

''I would like to express our sincere appreciation to the Japanese government and people for their generous support and the vote of confidence it represents for our continued partnership under the EPSA Initiative.aACA[yen] The Japanese Ambassador, Takahara, was also said to have stated that sustainable development of Africa was one of ''our common concerns and it is imperative to develop the African private sector to accelerate economic growth and create jobs''.

''I hope that this Fourth Private Sector Assistance Loan will contribute concretely to the development of the African private sector,'' Ambassador Takahara was quoted as saying.

''I also want to reiterate the commitment and willingness of Japan to continue its support and to assist any development effort in Africa. I take this opportunity to renew my gratitude and recognition to the AfDB, through its President, Dr. Kaberuka, for the fruitful cooperation with Japan,aACA[yen] he added.

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Publication:African Manager
Geographic Code:60AFR
Date:Dec 18, 2013
Words:357
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