Japan is pledging $2 billion for energy and mineral projects in Africa, capping a conference with government resource officials from across the continent as it seeks to catch up with years of Chinese investment.
Japan
is
pledging $2 billion for energy and mineral projects in
Africa
,
capping a conference with government resource officials from across the
continent as it seeks to catch up with years of Chinese investment.
Japan
needs
to secure long-term reliable sources of natural materials. It is also eager to
provide its technologies to build roads, railways and utilities, offering a
competitive alternative to Chinese state-owned companies that have helped
China
become
Africa
's dominant investor.
The Japanese government funding will be used for direct loans, underwriting of
debt offerings and equity stakes in projects covering crude oil, natural gas,
coal and minerals over the next five years.
"This conference has put in place the building blocks to encourage
investment from Japanese companies and to help create Africa's sustainable
growth," Toshimitsu Motegi, minister of economy, trade and industry, said
at a Saturday news conference after a meeting with representatives from 15
African countries that followed the two-day conference.
Japan
put
together the conference in the hope of demonstrating the appeal of the
long-term approach typical of Japanese companies. Many African countries have
begun to complain about what they see as the heavy-handed approach of
China
's
investments.
Delegates to the conference appeared receptive to the overtures. John Bande,
minister of mining for Malawi, said he had expressions of interest ranging from
trading companies such as Marubeni Corp. to auto maker Toyota Motor Corp.
Attendees said the Japanese overture was welcome and that the continent's
dependence on China was because of necessity, not necessarily by choice.
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