MANILA -- The Japanese government is readying to lend some 240 billion yen ($1.94 billion), one of its biggest single outlays of development aid ever, for a railway line designed to relieve traffic congestion here in the Philippine capital.
This financing will mark the first splash of what Prime Minister Shinzo Abe hails as a stream of "quality" infrastructure investment by Japan across Asia. Abe has announced plans for $110 billion in Japan-backed infrastructure investment in Asia from 2016 to 2020, 30% more than in the preceding five years.
