The Japan International Cooperation Agency (JICA) signed a loan agreement with the Trade Development Bank of Eastern and Southern Africa (TDB) on December 14, 2023, for up to EUR 150 million, and held a signing ceremony in Nairobi, Kenya on February 26, 2024. The loan is cofinanced with Citigroup (as lead arranger) and Sumitomo Mitsui Banking Corporation (SMBC).
The new coronavirus infection (COVID-19) led to the worst GDP growth rate ever recorded in Africa as a whole in 2020 at -2.1%. It then recovered to 5.1% in 2021, but slowed to 4.0% in 2022 following the Russian-Ukrainian crisis that erupted in February 2022. In particular, Least Developed Countries (LDCs) are vulnerable to external shocks, and sustainable economic and social development requires (1) infrastructure development, (2) industrial development, and (3) improved access to finance.
© Source JICA