The African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA) have struck a landmark agreement to roll out the sixth phase of the Enhanced Private Sector Assistance (EPSA6) initiative, unlocking $5.5 billion in fresh financing for Africa between 2026 and 2028.
The deal, sealed at the Ninth Tokyo International Conference on African Development (TICAD9) in Yokohama, Japan, surpasses the previous phase by half a billion dollars. Since its launch in 2005, EPSA has been one of AfDB’s most powerful partnerships, fueling transformative projects in energy, transport, agriculture, health, and nutrition across the continent.
For the first time, resilience has been added as a priority under EPSA6 — targeting climate change and economic shocks that continue to challenge African nations.
JICA President, Dr. Akihiko Tanaka, revealed that earlier phases of EPSA have already mobilised $12 billion, noting that the new target is more than five times the original commitment under EPSA1. He also hailed outgoing AfDB President, Dr. Akinwumi Adesina, for his leadership in expanding the programme.
AfDB Vice President Kevin Kariuki described Japan as one of the Bank’s “strongest and most consistent partners,” pointing out that EPSA5 (2023–2025) delivered $4 billion in joint financing, with $1.6 billion in projects advancing by 2025.
Japan’s Finance Minister, Katsunobu Kato, stressed that EPSA6 will help African economies manage debt burdens while opening up huge opportunities for private sector investment.
Over the years, EPSA-backed projects have included Uganda’s Bujagali Hydropower Plant, the East Africa Submarine Cable System, Nigeria’s Lekki Toll Road, and Rwanda’s Kigali Bulk Water Supply — underscoring its role in reshaping Africa’s development story.
