Japan Signs LoI with AfDB
Tuesday, July 18, 2017  Printer Friendly Email this article

The Japanese government signed a letter of intent with the African Development Bank (AfDB) for the establishment of the Japan-Africa Energy Initiative (JAEI). This initiative aims to provide significant support to the New Deal on energy in Africa, initiated by AfDB.

 Under the agreement Japan will provide financial support of up to $6 billion to the financial institution's project. This will be done in the form of both concessional and non-concessional financing, and will go towards projects to bring energy to households, public infrastructure, industry and agriculture, while promoting less polluting cooking modes.

 All these different activities will be supervised by the AfDB, in close collaboration with the authorities of the countries concerned. They will be carried out by the public sectors of African countries as well as by the private sector and will encompass a wide range of services ranging from project preparation to infrastructure construction and operation. The JAEI will provide the necessary technical and financial support for their implementation.

 The two parties involved in the initiative will carry out work to determine the modalities of its implementation so that it can be implemented by the end of 2017

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