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Japan PM warns African leaders against accumulating debt

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Japan’s prime minister today has warned African leaders against accumulating too much debt, in an apparent reference to Chinese infrastructure projects that some blame for damaging the finances of developing nations.

Addressing leaders from several African nations at a development conference in Yokohama, Shinzo Abe stressed that Tokyo was promoting “quality” infrastructure exports and investments, supported by Japan’s government-backed institutions.

“What should the government do to encourage (entrepreneurs) to exercise their skills?,” Abe asked the Tokyo International Conference on African Development (TICAD).

If partner countries are deeply in debt, it interferes with everyone’s efforts to enter the market,” he said, introducing financing and insurance schemes by Japan’s government-baked institutions aimed at reducing risks to businesses and public coffers.

He also announced that Japan plans to train experts in 30 African countries in next three years on managing risks and public debts.

The comment came as Abe aims to boost Japan’s presence in the promising African market but many businesses are wary of financial and other risks.

Sourcenews24

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