DHAKA: Japan will invest $30 billion in Africa over the next three years, Prime Minister Shinzo Abe has pledged at a summit in Kenya.

Starting this year, Japan will make a $10bn investment in the continent’s infrastructure development, focusing on electrical power, urban transport systems, roads and ports.

Abe made the remarks at the opening of the Tokyo International Conference on African Development (TICAD) on Saturday (August 28), reports the Al Jazeera.

An additional $20bn will flow into Africa through investments from Japan’s private sector during the same period, he added.

“We have a feeling in our gut that in Africa, where possibilities abound, Japan can grow vigorously,” said Abe.

Abe also announced the launching of the Japan-Africa economic forum, adding that Japanese government officials and top business leaders will be visiting the continent every three years.

“This is an investment that has faith in Africa's future.”

Some 30 African heads of state are taking part in the conference, which runs until Sunday, and about 70 agreements are expected to be signed.

Abe is using the conference to meet dozens of leaders from across the continent, including Kenya’s President Uhuru Kenyatta and South Africa’s Jacob Zuma.

It is the first time that the TICAD summit is being held in Africa, with all five previous events hosted in Japan.

The goal of the conference, organized jointly by the United Nations, the African Union, the World Bank and Japan, is to boost trade and aid to Africa, with Japan hoping to increase its influence in the continent.

BDST: 1034 HRS, AUG 28, 2016
BD