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Japan to set up $4 billion Credit Line for developing nations

Prime Minister KISHIDA Fumio. (AP)
Prime Minister KISHIDA Fumio. (AP)
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20 May 2023 10:05:09 GMT9
20 May 2023 10:05:09 GMT9

HIROSHIMA: The Japan International Cooperation Agency will set up a credit line of $4 billion to support developing countries in areas including climate change and food security, Prime Minister KISHIDA Fumio said Saturday.

Kishida made the announcement in a session on infrastructure investment in developing countries held as part of the ongoing Group of Seven summit in the western city of Hiroshima.

The G-7 major powers created the Partnership for Global Infrastructure and Investment to help developing countries build and improve infrastructure in last year’s G-7 summit in Germany.

Saturday’s session was held to discuss issues related to the partnership. Participants other than the G-7 leaders included heads of countries invited to the G-7 Hiroshima summit as well as business executives such as Japan Foreign Trade Council Inc. Chairman Fumiya Kokubu.

The G-7 aims to reduce economic dependence on China and win over so-called Global South emerging and developing countries by providing them with high-quality infrastructure development assistance.


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