September 13, 2023 Approval of Decision of Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services on Project Support (Support for ICT project development in Africa through LP investment)

The Minister for Internal Affairs and Communications has today approved an application from the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (headed by OSHIMA Amane, President & CEO) to authorize a decision on support for a project for the development of ICT and other services in Africa through limited partnership (LP) investment.

1. Background

The Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (hereafter referred to as “JICT”) submitted an application to the Minister for Internal Affairs and Communications based on the provisions of Article 25, Paragraph 2 of the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (Act No. 35 of 2015). This application sought approval for JICT’s decision to support a project for the development of ICT and other services in Africa (hereafter referred to as the “target project”) through LP investment.
In response to the application, the Ministry of Internal Affairs and Communications (MIC) examined the project description and the subject project in accordance with the Support Standards for the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (MIC Notice No. 412 of 2015) and the Concept of Investment in Funds by the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (MIC Circular Notice of March 31, 2022). As the application was found to meet the Support Standards and Circular Notice, the Minister for Internal Affairs and Communications approved the support decision for the target project as applied for yesterday.

2. Target project

JICT, together with SBI Holdings, Inc., and others, will participate in supporting ICT project development in Africa. JICT plans to make an LP investment of up to approximately 10 million U.S. dollars in Verod-Kepple Africa Ventures SCSp, a fund whose general partner (GP) is Verod-Kepple Africa Partners.
This project aims to promote an expansion of Japanese companies into Africa by lowering the barriers to entry into the African region through support for startup companies in the region.

[Overview]

• Target project: Support for ICT project development in Africa through LP investment
• Target area: Kenya, Nigeria, and other African countries
• Amount of approved for JICT support decision: Up to approximately 10 million U.S. dollars
• Co-investors: SBI Holdings, Inc., and others

(Reference) Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT)
JICT was established on November 25, 2015, under the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services. JICT provides funding and other support to those who conduct telecommunications, broadcasting, and postal services overseas and those who support them, utilizing the knowledge, technology, and experience accumulated by Japanese operators, thereby aiming to expand the demand common to telecommunications, broadcasting, and postal services in Japan and overseas.　JICT aims to improve the profitability of Japanese businesses that respond to such demand, thus contributing to the sustainable growth of Japan’s economy.