Sunday, August 28, 2022

The new Scramble for Africa

 Japanese Prime Minister Fumio Kishida has pledged $30 billion in an effort to counter China's influence on the continent as Tunisia hosted the eighth Tokyo International Conference on African Development.

Kishida vowed, "Japan will invest both public and private funds worth $30 billion over the next three years" across the continent.  The funding "includes up to $1 billion in a new special quota to be established by Japan to promote debt consolidation reforms."

Kishida said Tokyo was prepared to finance up to $5 billion alongside the African Development Bank.

Of the funds, $300 million will co-finance the African Development Bank to boost food production as global supplies of grain and wheat fall well short of demand.

Another $100 million was earmarked for the host country, Tunisia, to mitigate the impacts of the covid pandemic.

Japan vows billions for Africa amid rising Chinese influence | News | DW | 27.08.2022

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