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 Posted: Fri Dec 05, 2008 2:10 am Post subject: ADB & Japan Sign Exchange of Notes and Loan Agreement |
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African Development Bank and Japan Sign Exchange of Notes & Loan Agreement
4th Dec. '08
The African Development Bank (AfDB) and the Government of Japan have signed a bilateral Exchange of Notes for a loan to the AfDB of JPY 32.1 billion, equivalent to USD 300 million.
The "Second Private Sector Assistance Loan under the Joint Initiative titled EPSA for Africa" helps finance the AfDB’s private sector operations. The loan is provided by Japan on concessional terms and is part of the Enhanced Private Sector Assistance (EPSA) Initiative, an innovative, multi-component, multi-donor framework for resource mobilization and development partnership to support implementation of the AfDB’s Strategy for Private Sector Development.
Drawing on successful development experience in Asia and around the globe, EPSA was initially conceived in partnership with the Government of Japan (GOJ), which provided generous support to its launch in 2005 with a pledge of $1 billion in financial support through 2010. With the signing of the Second Private Sector Assistance Loan, Japan's fulfilled commitments under the EPSA Initiative total nearly $600 million, demonstrating Japan's strong commitment to the Bank and to Africa.
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