TICAD stresses the importance of “sound development finance”

At a Tokyo-led conference, leaders from Japan and African countries stressed the importance of what they call “sound financing for development.” This comes at a time when China is offering huge loans to African nations.

Leaders adopted the Tunis Declaration and concluded the eighth Tokyo International Conference on African Development, or TICAD 8, in Tunisia on Sunday.

The statement calls private sector investment “critical to Africa’s inclusive and sustainable economic growth and development.”

He said the leaders reaffirmed the importance of the Japan-Africa partnership to promote private sector innovation through technology transfer and to enhance the development of industrial human resources.

He says they “recognize the transformative role of start-ups and private enterprise, including youth and women’s entrepreneurship, as an emerging driving force in solving social challenges in Africa.”

The statement said the leaders “stress the importance of strong development finance that respects international rules and standards”. They “urge all major creditors, including private lenders, to adopt and follow fair and open lending practices.”

The statement said leaders are “fully committed to achieving universal health coverage in African countries” as the COVID-19 pandemic exposed gaps in the health sector.

He says they “stress the need to address Africa’s limited access to vaccines and medical products, especially in crisis circumstances.”

The statement said that to achieve sustainable development in Africa, the leaders stress “the urgent need to address environmental issues”, such as climate change, natural disasters, waste management and desertification. They call for “increased international support” for Africa to meet the challenges.

The statement said the leaders “express their grave concern over the situation in Ukraine and its impact on African and global economies.”

He says they “stress the importance of preserving peace, security and stability, through dialogue and respect for the principles of international law.”

They also “call on all international partners to help African countries overcome rising food and energy prices”.

The statement said the leaders reaffirm their “commitment to achieving a world without nuclear weapons” and recognize “the catastrophic humanitarian consequences of the use of nuclear weapons”.

It states that they “are committed to maintaining and strengthening the Treaty on the Non-Proliferation of Nuclear Weapons as the cornerstone of the international nuclear disarmament and non-proliferation regime”.

The statement also indicates that the leaders are determined to work together to accelerate the reform of the UN Security Council.

On Sunday, Japanese Prime Minister Kishida Fumio spoke online during a joint press conference at TICAD. He canceled his in-person attendance after testing positive for coronavirus.

Kishida said Japan aspires to be a growing partner with Africa. He said Japan is making strong contributions to the continent’s development by overcoming challenges together.

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