Illustrative photo (Photo: EPA)
 
Hanoi (VNA) – The Government of Japan has decided to provide 4.5 billion JPY (40 million USD) for the Asian Development Bank to improve regional infrastructure.

In a speech delivered at an annual meeting of the ADB in Yokohama, Japan on May 6, Japanese Finance Minister Taro Aso said that the fund will be disbursed in two years for infrastructure development and the application of new technology in Asia.

The sum is expected to be spent in electric wires system, renewable energy, intelligent transportation systems, smart cities and remote sensing technologies.

On May 5, Japan also put forward a new bilateral currency swap agreement with the Association of Southeast Asian Nations (ASEAN), providing up to four trillion JPY (36 billion USD) to tackle difficulties in short-term liquidity in crisis.

The proposal was made during a meeting of the Finance Ministers’ and Central Bank Governors’ Meeting of ASEAN and Japan on the sidelines of the annual meeting of the ADB.-VNA