Japan has given 11.5 billion yen ($95 million) to support the African Development Bank’s soft lending initiative. The funding is part of a 120 billion yen ($991 million) package that Tokyo is preparing to disburse through 2010 to help medium and small businesses in Africa. The Asian nation normally provides the loan for African countries through the Japan Bank for International Cooperation. But it opted to work with the AfDB, which, it believes, has a robust financial condition, full knowledge of each country’s economic situation, and the capacity to efficiently administer loans.
Source: Govt to lend 120 bil. yen to Africa by 2010 (The Yomiuri Shimbun)