AIIB gains Kuroda en­dorse­ment

New Straits Times - - World -

YOKO­HAMA: Bank of Ja­pan (BoJ) “In­fra­struc­ture needs are huge gov­er­nor Haruhiko Kuroda yes­ter­day and it’s sim­ply not pos­si­ble for wel­comed the ex­pan­sion the Asian Devel­op­ment Bank of China-led Asian In­fra­struc­ture (ADB) and the World Bank to fill In­vest­ment Bank (AIIB) as pos­i­tive the gap com­pletely,” said Kuroda, for the re­gional econ­omy, who was for­merly head of the urg­ing multi­na­tional lenders to ADB, at a sem­i­nar hosted by an co­op­er­ate in meet­ing Asia’s fast­grow­ing ADB-af­fil­i­ated think tank. in­fra­struc­ture He said healthy com­pe­ti­tion from Chi­nese, In­dian and needs. Japanese ini­tia­tives could be pos­i­tive for im­prov­ing in­fra­struc­ture and boost­ing eco­nomic growth.

Kuroda’s re­marks are the strong­est en­dorse­ment to date by a Japanese pol­i­cy­maker for AIIB, which some in Tokyo see as a ve­hi­cle to boost China’s re­gional clout.

They also come ahead of the ADB’s 50th an­nual meet­ing, here, at the week­end, where its 67 mem­bers are set to seek ways to dif­fer­en­ti­ate

the ADB from ri­val lenders such as the AIIB.

The AIIB has been viewed as a ri­val to the Western-dom­i­nated World Bank and the ADB, which is jointly led by the United States and Ja­pan.

The US is not a mem­ber, but many US al­lies, in­clud­ing Canada, Bri­tain, Ger­many, Aus­tralia and South Korea, have joined.

Ja­pan, fol­low­ing Washington’s lead un­der then-US pres­i­dent Barack Obama, did not join the AIIB as well, partly from con­cern it would con­flict with the ADB, the Manila-based in­sti­tu­tion dom­i­nated by Ja­pan and the US.

“The ADB has pro­moted re­gional co­op­er­a­tion in Asia. It also tried to link re­gional ini­tia­tives with each other. That is the way we should go for­ward, rather than mak­ing a sin­gle Asia pro­gramme or an Asia ini­tia­tive,” said Kuroda. Reuters

Haruhiko Kuroda

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