Japan has pledged to invest billions into infrastructure around Asia over the next five years, apparently to counter the recently announced China-led investment bank, a news report said on Tuesday.

Approximately 100 billion dollars were to be made available in public-private assistance to boost infrastructure investments and loans for Asian countries.

However, Prime Minister Shinzo Abe would unveil the plan on Thursday.
“The amount will match the planned capital of the China-led Asian Infrastructure Investment Bank (AIIB), which has 57 founding members.
“Many major economic powers, although neither Japan nor the U.S., have decided to join the bank.

“Japan’s new programme is to demonstrate the country’s commitment to helping build up high-quality infrastructure in Asia.
“Infrastructure through human resource development and technological transfers, also to distinguish it from the AIIB,’’ the report said.

Japan would extend Yen loans to Asian countries through the Japan International Cooperation Agency (JICA), and lend through the state-backed Japan Bank for International Cooperation.

“The world’s third-largest economy is also considering greater financial assistance by the Asian Development Bank, to which it is the largest contributor,’’ it said.

The AIIB was initially proposed by Chinese President Xi Jinping with a mission to invest in roads, ports, airports, energy provision and telecommunications in developing countries in Asia. (dpa/NAN)

 

Culled from Leadership