Japan will offer enhanced trade insurance to boost private sector investment in ...
TOKYO - Japan will offer enhanced trade insurance to boost private sector investment in Africa, Prime Minister Shinzo Abe said on Wednesday as his country competes with rival China for influence in the resource-rich continent.
“Let me make a promise,” Abe told the Tokyo International Conference on African Development attended by a few dozen African leaders and representatives of international organizations such as the World Bank. The enhanced insurance would fully cover loans to African governments, their affiliated institutions or private companies buying Japanese goods for infrastructure projects in Africa, according to government briefing materials and a state-run firm offering trade insurance.
Foreign investment in sub-Saharan Africa rose 13% last year to $32 billion, bucking a global downward trend and reversing two years of decline, according to a United Nations report published in June.
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