• JAPAN PLEDGES $14B AID TO AFRICA

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    YOKOHAMA: Japan is to give $14 billion in aid to Africa over the next five years, Prime Minister Shinzo Abe said Saturday, as Tokyo seeks a slice of the potentially vast marketplace. “The ODA (overseas development aid) will be about 1.4 trillion yen ($14 billion)” Abe said at the start of a three-day, five-yearly conference in Tokyo, with leaders of more then 40 African countries present. Including this aid, “Japan will offer up to 3.2 trillion yen support to Africa’s growth via public and private sector investment”, he said. Despite relatively long-standing connections, Japan’s importance to Africa has slipped behind that of China, whose more aggressive approach has given it five times the trading volume and eight times the direct investment.

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