Japan Bank for International Cooperation (JBIC) has signed a cooperation agreement with the African Development Bank (AfDB).

The agreement aims at ensuring JBIC and AfDB join hands in supporting African countries and taking effective steps for economic and social development in Africa, thereby contributing to economic growth and poverty reduction in the region.  Under this cooperation agreement, JBIC and AfDB will:

  •  Jointly implement and encourage a poverty reduction strategy.
  •  Promote dialogues on how to design and advance economic and institutional reforms, including the improvement of the investment climate to lure more private funds into the region.
  •  Promote aid harmonisation in the region.

Acting as a driving force to vitalise the infrastructure sector under the “New Partnership for Africa’s Development (Nepad),” AfDB plays a significant role in regional development in Africa.

Cooperation between JBIC and AfDB will allow the transfer of experience and knowhow that JBIC has accumulated to date through its operations in support of economic and social development in Asia.  It will thus enable AfDB to provide more effective development assistance to African countries.  The JBIC-AfDB partnership is also in line with the policy adopted at TICAD, which envisions “South-South Cooperation “(Asian experience for Africa).

The Tokyo International Conference on African Development (TICAD) has been held over the years under the joint sponsorship of the Japanese government, the United Nations, the World Bank and others.

Further, this approach is one new concept of support that the Japanese government and its agencies should provide to African countries, including the least less-developed countries, over the coming years. While JBIC has already provided development assistance to the African region, and supported trade and investment activities by Japanese companies in Africa, the signing of this cooperation agreement is expected to strengthen further JBIC’s commitments to the region.