Japan To Provide $2 Billion To Africa Resources Projects

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Japan will provide $2 billion worth of financial support over five years to back Japanese firms’ resources development projects in Africa, media reported on Saturday.

tosh_97836Japan’s Trade Minister Toshimitsu Motegi made the announcement at the Africa-Japan Ministerial Meeting for Resources Development held in Tokyo on Saturday, Japanese news agencies Kyodo and Jiji said.

The financial support is to be channeled through state-run Japan Oil, Gas and Metals National Corp (JOGMEC), reports said.

A number of Japanese firms have been participating in resources projects in Africa, including Mitsui & Co’s (8031.T) LNG project in Mozambique and Nippon Steel & Sumitomo Metal Corp’s (5401.T) coking coal project also in Mozambique.

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