"We live in a world of absolute interdependence between nations, and therefore, there is no alternative to multilateralism, within which major global problems must be discussed," argued João Lourenço in a speech delivered on behalf of the African Union at the 9th Tokyo International Conference on African Development (TICAD), taking place this week in Yokohama, Japan.
In his speech, João Lourenço lamented the "resurgence of protectionism and geopolitical tensions, a situation that clearly jeopardizes the world order based on international law and the universal norms governing relations between states" and praised the stance of Japan, an "indispensable partner" of African countries.
Japan, he said, has a "different attitude toward its financial relationship with Africa," a continent that "continues to face persistent barriers and limited and difficult access to international financing. This situation is exacerbated by credit ratings that pose several challenges, as many African countries are considered high-risk borrowers, making them difficult to access low-cost capital, which is absolutely essential for investment in infrastructure, electrification, industrialization, and technological advancement."
In his speech, João Lourenço also argued that "it is essential that international lending institutions, development support institutions, and creditor countries develop formulas that facilitate the financing necessary to achieve Africa's development agenda, which will contribute to the strengthening and greater resilience of the global economy."
TICAD runs until Friday in Yokohama, Japan, with the theme 'Strengthening partnerships for the sustainable development of the African continent', with participants including the President of Mozambique, Daniel Chapo, and the Prime Minister of Cape Verde, Ulisses Correia e Silva.
