This paper examines the present trend for economic relations between Japan and the African continent as a whole. Through its lending policy, the Japanese economic co-operation system co-ordinates private and public initiatives and supports external trade and direct investment abroad. Notwithstanding the economic and political risk still present in Africa, it is the view of the Japanese government that the time has come for a renewal of active trade and investment strategy towards the more dynamic African economies, and Egypt and South Africa in particular.