The Japan International Cooperation Agency (JICA) has supported the 15th replenishment of the African Development Fund (ADF-15) with a loan approval of 73.6 billion Japanese yen ($668.1 million).
The concessional donor loan is to support the 15th replenishment of the African Development Fund (ADF), approved in December 2019 by ADF donor countries. JICA is extending the loan – the largest to ADF-15 – on behalf of the Government of Japan.
By the end of the ADF-15 period (2020-2022), it is expected that the ADF’s projects will have changed the lives of millions of Africans, up to 28,000 km of new or improved power distribution lines would have been installed, around 9 million people would have improved access to water and sanitation and up to $1.6 billion of turnover would have been generated from investments in micro, small and medium-size enterprises.
African Development Bank Group President, Dr. Akinwumi A. Adesina and Japanese Ambassador to Côte d’Ivoire, Kuramitsu Hideaki, signed an Exchange of Notes, while the loan agreement was signed by the JICA Chief Representative in Côte d’Ivoire, Fujino Kojiro, and Acting African Development Bank Group Senior Vice President Swazi Tshabalala, in her capacity as Chief Financial Officer, at a virtual event.
Japan is fifth-largest contributor to the ADF in cumulative terms.
Hideaki expressed hope that the concessional loan will allow the African Development Fund, the concessional arm of the AfDB execute concessional financing and grants for African countries facing emerging challenges caused by COVID-19 and contribute to the economic and social development of these countries.