AfDB, Japan sign 1 bln USD grant on private sector assistance
AfDB, Japan sign 1 bln USD grant on private sector assistance
19:45, December 04, 2009 
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The African Development Bank (AfDB) and the Japanese government have signed an agreement for the provision of a one billion U.S. dollars grant to promote the growth of the private sector in Africa.
Toshitsugu Uesawa, the Japanese ambassador to Nigeria, said on Thursday in the Nigerian capital Abuja that the grant was in fulfillment of a pledge made by the Japanese government at the G8 Gleneagles summit to support the growth of the private sector in Africa.
"Japan announced at the G8 Gleneagles summit to implement the Enhanced Private Sector Assistance (EPSA) initiative for Africa, in partnership with the AfDB," the News Agency of Nigeria quoted him as saying.
"The EPSA is a one-billion-dollar joint initiative of Japan and AfDB to promote private sector development in Africa, through studies, technical assistance and capacity building," he said.
"The grant is also for private sector projects and African institutions, such as AB Microfinance Bank of Nigeria," he added.
Uesawa said the continent lagged behind in the achievement of the Millennium Development Goals (MDGs), due to the poor contribution of the private sector.
He cautioned that the development might jeopardize MDGs achievements attained through the efforts of Nigerians and their development partners.
"We expect that the ESPA will help revitalize the Nigerian private sector. The role of the private sector is important to the development of Nigeria," he said.
"Nigeria needs to focus more on innovative action, such as better promotion of agriculture, health, education and small-scale entrepreneurship, among others," he added.
Herve Assah, AfDB resident representative, said the fund was attached to an equity investment of one billion dollars from FAPA.
"The fund for FAPA is a component of EPSA, a billion-dollar joint initiative of Japan and AfDB to promote private sector development in Africa," he added.
"Since FAPA's creation in 2006, Japan has contributed 30 million dollars, while AfDB has contributed 10 million dollars," he said.
Assah promised that other micro finance banks in Nigeria duly registered with the CBN would benefit from the fund.
Source: Xinhua
Toshitsugu Uesawa, the Japanese ambassador to Nigeria, said on Thursday in the Nigerian capital Abuja that the grant was in fulfillment of a pledge made by the Japanese government at the G8 Gleneagles summit to support the growth of the private sector in Africa.
"Japan announced at the G8 Gleneagles summit to implement the Enhanced Private Sector Assistance (EPSA) initiative for Africa, in partnership with the AfDB," the News Agency of Nigeria quoted him as saying.
"The EPSA is a one-billion-dollar joint initiative of Japan and AfDB to promote private sector development in Africa, through studies, technical assistance and capacity building," he said.
"The grant is also for private sector projects and African institutions, such as AB Microfinance Bank of Nigeria," he added.
Uesawa said the continent lagged behind in the achievement of the Millennium Development Goals (MDGs), due to the poor contribution of the private sector.
He cautioned that the development might jeopardize MDGs achievements attained through the efforts of Nigerians and their development partners.
"We expect that the ESPA will help revitalize the Nigerian private sector. The role of the private sector is important to the development of Nigeria," he said.
"Nigeria needs to focus more on innovative action, such as better promotion of agriculture, health, education and small-scale entrepreneurship, among others," he added.
Herve Assah, AfDB resident representative, said the fund was attached to an equity investment of one billion dollars from FAPA.
"The fund for FAPA is a component of EPSA, a billion-dollar joint initiative of Japan and AfDB to promote private sector development in Africa," he added.
"Since FAPA's creation in 2006, Japan has contributed 30 million dollars, while AfDB has contributed 10 million dollars," he said.
Assah promised that other micro finance banks in Nigeria duly registered with the CBN would benefit from the fund.
Source: Xinhua
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