Japanese PM Abe has been addressing delegates at a meeting today of the Association of South East Asian Nations in KL
Bloomberg reporting
- Japan plans to halve the time it takes to get a development loan and make it easier to obtain funds
- Japan and the Asian Development Bank would seek to provide $110bln of infrastructure funding in Asia over the next 5 years
Abe's push to streamline procedures comes as China, it's main rival to be the infrastructure provider of choice, will soon open up the AIIB ( Asian Infrastructure Investment Bank) which is a $100bln multilateral development bank.
Japan, like the US, declined to join the AIIB but the UK ( no shocks there given our recent schmoozing with China), France, Germany and Australia have all chosen to be founding members
According to Abe today it's a market that could rise to as much as $814bln a year
Seems like this is as much a political quest by Japan and China to ensure regional dominance
I'm heading out now to cheer on the mighty Shrimpers so I'll wish you all a great week-end, and thanks very much as always for your support and input this week
Stay safe
