NHK has learned that Japan's government plans to deepen cooperation with the African Development Bank. The goal is to help Japanese companies boost their investments on the continent.

Africa is projected to grow into a major market with a population of 2.5 billion by 2050. The continent also has the potential to become a major supplier of mineral resources.

Sources say officials from Japan's economy and industry ministry will sign a memorandum with the African Development Bank. More than 80 African countries are members of the bank.

One initiative the ministry is considering involves NEXI, a government-affiliated trade insurer. It would underwrite loans taken out by Japanese businesses from the bank when they invest in the development of hydrogen, ammonia, mineral resources and the auto sector.

The ministry is also planning to set up a framework that would coordinate collaboration among major Japanese companies and African start-up firms. The aim is to bolster Japan's economic ties with the region.