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Economy

Japan edges in on Belt and Road with $643m for Angolan port

Trading house Toyota Tsusho and export credit agency JBIC team up on project

TOKYO -- Trading company Toyota Tsusho and the Japan Bank for International Cooperation are joining forces on a port project in Angola that will be the largest of its kind for Japanese businesses.

The plan is to raise 70 billion yen ($643 million) from both public and private lenders in Japan to help the African country fund the endeavor. The move comes as China steps up infrastructure development in Africa amid concerns that it is saddling developing countries with excessive debt.

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