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Japan Announces $5 Billion Loan for Developing Nations' Environmental Infrastructure Development

by Climate Weekly – March 17, 2009

Japan will establish a $5 billion loan fund to assist developing nations that have been hit hard by the global credit crisis to build environmental infrastructure, including running water and solar power systems, Reuters reported March 14. At a press conference following the G20 meeting this weekend in South England, Japan's Minister of Finance Kaoru Yosano said that the G20, an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability, recognizes the importance of supporting economies, increasing bank capital, and enhancing infrastructure, Reuters reported.

Japan Releases Climate Change Report

On March 16, Japan released its Official Development Assistance White Paper 2008 entitled "Japan's International Cooperation," which includes a Climate Change and Development report, which highlights the nation's commitment to climate change and its promotion of a "Cool Earth Partnership."

Japan, through Japan Bank for International Cooperations, a state-backed trade financier, will make the money available over the next two years for public and private infrastructure projects mainly across Asia. In addition to promoting solar-energy endeavors, the loan money will be available for projects concentrated on improving sewerage and public transport systems.

Last month, at a G7 meeting in Rome, Japan promised a $1 billion program to support Asian trade.