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Japan to work with ADB over Asian infrastructure

Xinhua, May 21, 2015 Adjust font size:

Japanese Prime Minister Shinzo Abe said on Thursday that his country would cooperate with the Asian Development Bank (ADB) dominated by the United States and Japan to enhance infrastructure construction in Asia.

The prime minister said Japan would work with the ADB to provide 110 billion U.S. dollars to develop regional infrastructure in next five years, about 30 percent jump from the previous five-year period.

The Japanese decision to boost its funding over Asian infrastructure came after China's proposal to establish an international developmental bank so as to help Asian countries develop their infrastructure.

Japan and the United States rejected to join in the Chinese initiative of the Asian Infrastructure Investment Bank that attracts over 50 countries, including major world economies such as Britain, France, Germany, Australia, India and Brazil, to become the founding members.

To finance projects, Japan will also start a new program to have the Japan International Cooperation Agency collaborate with the ADB to invest in private sector-led projects, according to the Japanese prime minister. Endi