Japan launches $50bn Indo-Pacific investment fund to rival China
Japan is to establish a new $50bn framework to finance projects in the Indo-Pacific region with the aim of competing with China.
Over the next three years, the Japan Bank for International Cooperation - which is backed by Shinzo Abe's government - will plough private and public funding into investments and loans for some cutting-edge infrastructure projects in the area.
China's economic strength is a major concern for Abe, with the Prime Minister hopeful that investment in Japan's areas of specialism - such as high-speed trains - will bring the region to a level where it can compete with its powerhouse neighbour.
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"We hope this will be of some help to building high quality infrastructure in the Indo-Pacific region," said Abe a press conference in Tokyo. "High quality infrastructure, when viewed not just in terms of initial costs but lifetime costs, actually end up being cheaper."
Japan is to also set up a new educational programme to offer the opportunity for government officials from other countries to earn degrees. Through its Japan International Cooperation Agency, the country hopes to host 2,000 officials per year by 2023, with around 60% from Asian countries.
Last month, Business Chief reported that the Redwood Japan Logistics Fund 2 (RJLF2) had raised €575mn to provide investors in Japan with opportunities to be involved in real estate development.