Prime Minister Shinzo Abe (C) says the funds will be made available over the next three years.
Prime Minister Shinzo Abe (C) says the funds will be made available over the next three years.

Abe Pledges $50b for Infrastructure in Indo-Pacific Region

Abe Pledges $50b for Infrastructure in Indo-Pacific Region

Japanese Prime Minister Shinzo Abe announced plans to establish a $50 billion fund to boost infrastructure investment in Asia.
Speaking at a dinner at the 24th International Conference on the Future of Asia, in Tokyo, June 11-12, which is hosted by Nikkei, Abe said the funds will be available over the next three years. It is part of his strategy to strengthen cooperation in the Indo-Pacific region.
Abe also said Japan would be ready to extend economic assistance to North Korea, but insisted that Pyongyang must comprehensively solve the issues of denuclearization, missiles and abductions of Japanese citizens for that to happen.
The prime minister added that, with or without North Korea, Japan is committed to making investments for the future of the region. “With a view to the long term, investing in the future is a matter of making investments in three key areas: first, education; second, knowledge exchanges; and third, improvements to connectivity and infrastructure,” Abe said.
In response to infrastructure needs extending over the Indian and Pacific oceans, Abe announced the launch of a new financial agenda within the government-owned Japan Bank for International Cooperation.
“This is a framework that will make it possible to provide funds of approximately $50 billion in total from Japan’s public and private sectors over the next three years,” he said. “We hope this will serve to assist in the building of high-quality infrastructure in the Indo-Pacific region.”
Abe defined “high-quality infrastructure” as investments that increase employment, expand educational opportunities for workers and attract even more foreign domestic investment—and as a result make Japan’s loans easy to pay back. His characterization of the infrastructure probably came in order to refrain from discouraging borrowers in using the program.
Meanwhile, Thailand’s industry minister said that his country is open to Chinese private investment in its much-touted special economic zone, but it will be cautious on receiving funds from Beijing for large infrastructure projects.
“We are open to discuss about Chinese private investment ... in various sectors,” Uttama Savanayana told the Nikkei Asian Review on Tuesday.

Short URL : https://goo.gl/SZLrGW
  1. https://goo.gl/MTbMjj
  • https://goo.gl/b96SL1
  • https://goo.gl/ZSfCnN
  • https://goo.gl/bMuo4n
  • https://goo.gl/8764vT

You can also read ...

Argentina Lacks Options to Defend Peso
With interest rates sky-high and the economy heading for...
Westinghouse Electric, the leading US nuclear fuel producer, said it relies on China for zirconium and zirconium powder  for use in nuclear fuel assemblies
A broad cross-section of US businesses has a message for the...
BMW Seeking Broader China Collaboration
The opening-up is an important policy and German carmaker BMW...
Turkey, Qatar in Currency Swap Deal
The central banks of Qatar and Turkey signed a currency swap...
Vehicle loans have rapidly expanded as cars purchased during a tax rebate scheme for first cars  in 2012-13 have begun to be replaced.
Consumer borrowing is accelerating significantly in Thailand...
Asian Countries Vie to Set Up Crypto Valleys
The race to establish cryptocurrency hubs in Asia is gathering...
International Labor Organization has called for stronger...
UK Business Pessimism Rising
Business leaders’ confidence in the British economy has fallen...

Add new comment

Read our comment policy before posting your viewpoints