Japan unveils US$110b plan to fund Asia infrastructure

Tokyo

JAPAN unveiled a plan on Thursday to provide US$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 five years, tops the expected US$100 billion capitalisation of the Asian Infrastructure Investment Bank (AIIB), the Beijing-sponsored lender scheduled to begin operations next year.

Japanese officials said that the plan, announced by Prime Minister Shinzo Abe at a symposium of Asian officials and experts, represents a 30 per cent increase over Tokyo's past infrastru…