Japan sets up Africa Investment Facility fund.

By bne IntelliNews February 15, 2011

The Japanese government has set up a dedicated fund to foster greater Japanese corporate activity on the African continent, the Independent Online reported citing Japanese vice minister of economy, trade and industry Yoshikatsu Nakayama. Japan's government had set up a fund of USD 2.5bn, called the Africa Investment Facility, intended to provide loans or equity for the exploitation of minerals in Africa, Nakayama said. State-run Japan Oil, Gas and Metals National Corp (JOGMEC) is another funding mechanism for mining activity in Africa, Masa Sugano, the first secretary for economics and commerce at the embassy of Japan in Pretoria, was cited as saying. According to Sugano, the corporation is involved in the initial setting up of mining activities including prospecting.

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