Japan’s three biggest banks want to expand their businesses in Africa by developing new partnerships and joint-ventures with African banks and public institutions, The Japan Times reported on August 29.

The banks namely Sumitomo Mitsui Banking Corp, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ aim here to help Japanese companies in their investments over the continent with which Tokyo wishes to reinforce economic ties, not letting its rival China get ahead.

According toThe Japan Times, Sumitomo Mitsui Banking Corp has recently announced that it has signed with the Eastern and Southern African Trade and Development Bank a loan agreement for $80 million, in tandem with the Japan Bank for International Cooperation (JBIC). The loans are designed to encourage African firms import machinery products from Japan.

Sumitomo Mitsui also said it has signed partnership agreements with the African Development Bank (AfDB) and Banco de Desenvolvimento de Angola, without however revealing their respective nature.

Mizuho Bank for its part said it was going to establish joint-ventures with six African finance institutions including the Development Bank of Southern Africa, to “provide financial services know-how and promote the banking sector in the region”.

Bank of Tokyo-Mitsubishi UFJ said it has inked a business cooperation agreement with the Kenya Investment Authority, to receive information about new investment projects in Kenya and help Japanese firms secure them.

At the sixth edition of the Tokyo International Conference on African Development (TICAD VI) held last 27 and 28 August in Nairobi, Japan’s Prime Minister Shinzo Abe said his country will invest $30 billion – in private and public funds – in Africa over the next three years. This investment will mostly go toward infrastructures (a third), industrialization, health and security.