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Published On: Mon, Aug 29th, 2016

Somaliland:TICAD $30bn deal a boost to African economies – Dahabshiil

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Japan-Africa development partnership could not have come at a better time, according to Dahabshiil Chief Executive Officer Abdirashid Duale who participated in the Conference.

The Sixth Tokyo International Conference on African Development (TICAD VI) held in Nairobi presented opportunities for partnership and multi-sector development on the continent.

Japan-Africa development partnership could not have come at a better time, according to Dahabshiil Chief Executive Officer Abdirashid Duale who participated in the Conference.

The $30 billion commitment from the Japanese government, Duale says will undoubtedly provide a much-needed boost to the economies of the continent.

He says it will also help open more investment and partnership opportunities for companies in Africa and encourage other international investors to do business in the continent.

“As Dahabshiil, we know the importance of partnerships since we operate across the continent, as well as in Europe, North America and the Middle East and have traded with Japanese companies.” observed Duale at the close of the Sixth Tokyo International Conference on African Development (TICAD).

Japanese Prime Minister Shinzo Abe told African leaders during the conference that his country will commit $30 billion in public and private support for infrastructure development, education and healthcare expansion on the continent.

Abe said the package would be spread over three years from this year and include $10 billion for infrastructure projects, to be executed through cooperation with the African Development Bank. “When combined with investment from the private sector, I expect that the total will amount to $30 billion. This is an investment that has faith in Africa’s future, an investment for Japan and Africa to grow together.”

The $30 billion is in addition to $32 billion that Japan pledged to Africa over a five-year period at the last TICAD meeting in 2013. Abe said 67 percent of that had already been put to use in various projects.

Its presence in infrastructure projects ranges from roads, ports and airports to power plants.

A tranche of Japan’s new package will go towards various power projects to increase production capacity by 2,200 megawatts across the continent, according to the Japanese Foreign Ministry.

“The investment in infrastructure is a welcome move as it will promote development and increase inter-African trade and cooperation.” said Duale.

Dahabshiil is the leading money transfer company in Africa with the presence in over 150 countries. It has created job opportunities for thousands and Duale says partnerships like TICAD will open more opportunities for employment.

 

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