|
Yokohama: Japanese Prime Minister Yasuo Fukuda pledged on Wednesday to double Tokyo's aid to Africa by 2012 to spur growth and attract private investment, a model that helped propel post-war Japan into economic prosperity.
In particular, Japan will provide up to $4 billion in flexible, low-interest "soft loans" to Africa over the next five years for infrastructure projects, Fukuda said at the start of the three-day Tokyo International Conference on African Development.
"In order to boost the momentum for African growth, the most important thing is the development of infrastructure," Fukuda said. "In particular, the experiences of Japan and other Asian countries tell us that improvements to transportation infrastructure play a critical role in attracting private investment."
Aiming to double Japanese private investment in Africa, the country will also offer $2.5 billion in financial assistance through the Japan Bank for International Cooperation, Fukuda said.
Tokyo currently provides $1 billion to Africa in official development assistance.
Although Japan was the world's top donor in the early 1990s, its generosity has steadily fallen since then.
|
