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Japanese USD 110 billion Boost For Asian Infrastructure

TIP reported that Japan unveiled a plan on Thursday to provide USD 110 billion in aid for Asian infrastructure projects, as China prepares to launch a new institutional lender that is seen as encroaching on the regional financial clout of Tokyo and its ally Washington.
The amount of Japanese funds, to be invested over 5 years, tops the expected USD 100 billion capitalization of the Asian Infrastructure Investment Bank (AIIB), the Beijing-sponsored lender scheduled to begin operations next year.
Japanese officials said the plan, announced by Prime Minister Mr Shinzo Abe at a symposium of Asian officials and experts, represents a 30% increase over Tokyo’s past infrastructure funding.
Japan said it wants to focus on “high quality” aid, for example, by helping recipients tap its expertise in reducing pollution while building roads and railways. That’s an implicit contrast with the AIIB, whose projects Washington has said may not adequately safeguard the environment.
Mr Abe said that “We intend to actively make use of such funds in order to spread high-quality and innovative infrastructure throughout Asia, taking a long-term view.”

Source: Steel guru

Jun 2, 2015 09:52
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