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Climate Change

Japan readies credit insurance for Africa's decarbonization

State-backed NEXI to partner with Afreximbank to spur energy transition

A solar power project in Burkina Faso. NEXI's credit insurance will cover the development of renewable energy, as well as transition projects.   © Reuters

TOKYO -- Japan will encourage companies to pursue decarbonization projects in Africa through a new financing and insurance framework designed to mitigate potential risks of doing business on the continent.

Japan's state-owned Nippon Export and Investment Insurance (NEXI) will partner with the African Export-Import Bank (Afreximbank) this month to support the region's decarbonization efforts. The two sides are expected to sign the agreement as part of the two-day Tokyo International Conference on African Development starting Saturday in Tunisia.

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