Japan is pushing ahead with its largest ever overseas port development, which flies in the face of neighbour China’s One Belt, One Road initiative.
Trading house Toyota Tsusho and state-run Japan Bank for International Cooperation are joining forces to raise funds for a huge port in southern Angola that could cost up to 70bn yen ($643m).
The port will be a multipurpose facility, handling oil, iron ore and container exports.
Since 2002, China has been Angola’s biggest investor, and today is believed to account for more than half of all of the African country’s debt.
Japanese state-backed port investments have mainly focused on Asia to date.