The Race for Africa Heats Up

In a recent speech at the Tokyo International Conference on African Development, Japanese Prime Minister Sinzo Abe announced a five-year commitment of public and private support pledging $3.2 trillion yen ($32 billion) to Africa.

Bloomberg reports that Africa's economic growth is luring Japanese exporters, while the government wants to tap the natural gas and oil there after the Fukushima disaster led to the closing of Japan's nuclear plants. In his speech Abe outlined policies to encourage investment by Japanese companies and support advances in health, education and agriculture. Today's pledge compares with publicly funded assistance of approximately $9.2 billion from 2008-2012. Follow this link to read the full article: Abe Offers $32 Billion to Africa as Japan Seeks Resources Access.

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