The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) launched on August 27 the JBIC Facility for African Investment and Trade Enhancement 2 ("FAITH 2"), reinforcing the previous FAITH*1 launched in June 2013, to support the promotion of economic structural reform through economic diversification and industrialization in Africa by drawing on its financial instruments such as loans, equity participations and guarantees.
The promotion of Africa's economic structural reform through economic diversification and industrialization was one of the important topics that were discussed at the Sixth Tokyo International Conference on African Development (TICAD VI), held in Nairobi, Kenya. Japanese government has set out to provide high-quality support to the African continent with public-private partnerships.
As part of such support and through FAITH 2, in order to facilitate economic diversification and industrialization in Africa, JBIC will actively carry out loans, equity participations and guarantees to the projects such as investments in the manufacturing industry, energy resource development projects, and exports of high-quality equipment and infrastructure systems made by advanced Japanese technology and know-how, in cooperation with international organizations. Under FAITH 2, the originally expected financial support under previous FAITH (a total of 5 billion U.S. dollars between 2013 and 2017) would be extended by one year and expanded by 2 billion U.S. dollars, thereby amounting to approximately 7 billion U.S. dollars over 6 years between 2013 and 2018.
JBIC will continue to make active efforts toward African economic growth and structural reform by promoting investments and trades by Japanese companies on the African continent, utilizing FAITH 2 and other financial instruments.
- *1 See Information on June 3, 2013.