LONDON – Japan has been the biggest Asian project finance sponsor in Africa for the past 10 years, investing about three times as much as China, British law firm Linklaters LLP has said.
The amount of Japanese project finance commitments to Africa over the 10 years from 2005 totaled $33.5 billion, followed by China’s $11.9 billion and India’s $10.5 billion.
“Contrary to popular belief about China dominating Asian investments in Africa, Japan has made slow but significant inroads in growing its influence across the continent,” John Maxwell, managing partner of Linklaters’ Japan office, said in a statement.
Japanese investors participate in projects to refine crude oil, develop oil fields and supply electricity on the continent, including a $2.6 billion project for coal-fired power generation in Morocco.
More than two-thirds of all Japanese-led deals over the past decade have focused on Nigeria, Africa’s biggest country in economic and population terms.