Japan has promised 3 billion USD in investment and loans to the Association of Southeast Asian Nations (ASEAN) to boost development in the region, Japanese Foreign Minister Toshimitsu Motegi was quoted by Kyodo News as saying.
Addressing a symposium in Tokyo on December 2, the Japanese official said Japan’s public and private sectors will make the contribution over three years from 2020 to 2022 as part of the country’s efforts to improve infrastructure, women’s empowerment and protection of the natural environment.
Motegi reportedly said the move showcases Japan’s commitment to free and fair economic development in ASEAN by providing economic options in all of its corners.
He added that Japan always comes in with a long-term vision to create local jobs, to build capacity, to nurture human resources that will become an engine for growth.
Of the total, 1.2 billion USD will come from the government-funded Japan International Cooperation Agency.
The announcement follows Japanese Prime Minister Shinzo Abe’s promise to double investment and loans to ASEAN in the ASEAN-Japan Summit in early November.