The African Development Bank (AfDB) President, Akinwumi Adesina, has said that the Enhanced Private Sector Assistance for Africa (EPSA) initiative will positively impact millions of lives across Africa.
According to the AfDB chief, the newly signed initiative is what the continent needs at this time to address its challenges.
The bank and the government of Japan announced a five-billion-dollars financial cooperation under the fifth phase of the EPSA initiative from 2023 to 2025.
The announcement was made at the Eighth Tokyo International Conference on African Development (TICAD8) in Tunis, Tunisia.
Across Africa, many people, particularly women and youths, are battling the economic downturn caused by Covid-19, losing jobs and seeing their education disrupted.
‘EPSA [five] is the kind of cooperation Africa and the world needs. Escalating climate change impacts, the Covid-19 pandemic, and the war in Ukraine means that we must do even more than we already have done, to mobilise the private sector and create job opportunities in Africa. The newly signed initiative will positively impact millions of lives across Africa’, Adesina said.
It is understood that EPSA five will cover electricity, connectivity, health, agriculture, and nutrition as priority areas in order to address key challenges in Africa.
At the launch ceremony, Japan’s Vice-Minister of Finance for International Affairs, Masato Kanda, said his country was committed to supporting African countries while respecting their own initiatives.
Also speaking, the President of Japan International Cooperation Agency (JICA), Akihiko TANAKA, said, ‘Under the severe situation caused by multiple crises, enhancing resilience and promoting human security are critical components of Japan’s support for Africa.
‘EPSA is an essential element of our partnership with the African Development Bank to tackle social and economic challenges facing the continent. JICA commits to work with EPSA to create a bright and prosperous future’.
According to the bank, the two development partners will join forces to support countries that address enormous challenges, including food security, climate change, health, digitisation, and debt issues.
Photo source: Paul Kagame
