Regions

Japan Makes Available US$2 Billion for Africa Resource Projects

Close
May 19
9:48 PM 2013

Japan is planning to grant US$2 billion financial support for Japanese firms in the next five year. The available funding would enable them to continue their natural resources development projects in Africa.

The plan was disclosed by Japan Trade Minister Toshimitsu Motegi at the First Africa-Japan Ministerial Meeting for Resource Development that was held in Tokyo on Saturday, according to Kyodo and Jiji, Japan News Agencies. Japan also disclosed plans to adopt 1000 natural resources and related fields African workers. Ministers from 15 African nations were present at the meeting.

According to reports, the available finances will be managed through government controlled Japan Oil, Gas and Metals National Corporation. There are a number of Japanese firms that are involved with resource projects in Africa, namely Nippon Steel & Sumitomo Metal Corporation and Mitsui & Company, whose projects are both in Mozambique.

Minister Motegi further said, "Japan not only wants to develop coal mines in Africa and important natural resources, but also hope to support Africa to grow independently."

Japan is also planning to built infrastructure developments like railroads and electricity to assure safety and protection in the vicinity of the mines.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics