The Prime Minister of Japan Shinzo Abe has warned African leaders against accumulating too many loans from China because they will get stuck in debts.
Last September, China pledged to offer a loan of USD 60bn (Shs221Trillion) to African leaders as one way of facilitating them in promoting infrastructure. However, when he was addressing African leaders at the Tokyo International Conference on African Development (TICAD) in Yokohama, Abe stressed that Tokyo aims at promoting quality infrastructure exports and investments that will benefit the natives.
Abe added that is why loans and projects from Japan come with fewer strings attached and with sound financial advice and support so that developing countries may develop their economic muscles.
“What should the government do to encourage (entrepreneurs) to exercise their skills? If partner countries are deeply in debt, it interferes with everyone’s efforts to enter the market. That is why we are introducing financing and insurance schemes knowledge baked by institutions aimed at reducing risks to businesses and public coffers,” said Abe.
He added that Japan plans to train 30 experts in African countries in the next three years on managing risks and public debts.
“We aim at boosting Japan’s presence in the promising African market however many businesses in Africa are wary of financial and other risks,” he said.
In the same meeting, Abe met President Museveni and pledged to extend support worth Shs84.9bn towards traffic control in the city fly-over project and another Shs9.02bn support through United Nations Industrial Development Organisation (UNIDO) for the construction of a training facility for maintenance work of construction machinery in Luwero.Currently, Japan’s government is constructing various project including the Kibuye-Busega inter-exchange, Kampala fly-over projects to decongest the city, the proposed new Karuma Bridge, a UNIDO training institute in Luwero to manage road equipment and a Universal Health coverage project.
Abe also encouraged Uganda to use the facility put in place by Japan Bank for International Cooperation to support and facilitate investments in the country.
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