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Cote Dlvoire,Japan : JICA, AfDB signs $700 million loan agreement
Publish Date : 15-Feb-2018
The Japan International Cooperation Agency (JICA) has signed a $700 million loan agreement with African Development Fund (ADF), said, Akinwumi Adesina, the President, African Development Bank (AfDB).
According to Adesina, the loan forms part of Japan's contribution to the ADF's Fourteenth Replenishment (ADF-14). This was the first JICA loan provided to the ADF. With this loan amount, the ADF will have access to resources to support recipient countries during the ADF-14 period, from Jan. 1, 2017 to December 31, 2019.
Along with economic growth, the loan would contribute towards poverty alleviation in Africa's least developed countries, said the president.
Mr. Adesina added, "Thanks to Japan and its Government for keeping a promise. One often hears about many international pledges of development cooperation remaining unfilled. I will like to commend the full accomplishment of Japan's commitments to Africa's development with its 700 million dollars loan, which came on top of 328 million dollars in the form of a grant.
"Japan is a longstanding development partner for Africa, with a significant portion of its aid commitments to the continent channeled through the AfDB Group. Japan is the second-largest contributor to the ADF in cumulative terms and it has increased its contributions significantly over time," said Mr. Adesina.
Tsutomu Iimura, the Chief Representative of JICA, said there does not exist any limit to the potential in the collaboration and synergies between the two institutions. He added, "JICA's projects and contributions to ADF-14 will bolster the Bank's capacity to carry out its objectives in countries where support is most needed.
