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Politics

US, Japan join in infrastructure exports to Asia

Public lending, trade insurance to support joint projects in private sector

The U.S. and Japan look to boost infrastructure exports in emerging nations through cooperation.

TOKYO -- Washington and Tokyo will partner on exports of energy, telecommunications and other infrastructure by providing public funding to joint projects of U.S. and Japanese companies.

The initiative, targeting Asia and other growth markets, is designed to highlight the two countries' economic partnership as President Donald Trump and Prime Minister Shinzo Abe meet here Monday. 

Japan's Nippon Export and Investment Insurance and the Japan Bank for International Cooperation are signing a memorandum of cooperation next Tuesday with the Overseas Private Investment Corporation, a public lender overseen by the U.S. State Department.

The three agencies will support private companies through investment, loans and insurance. They will conduct overseas market research to identify qualifying projects.

The collaboration's first endeavor will be a solar power generation project in Jordan. Japan's Mitsui & Co. and U.S. energy provider AES got involved in the project this fiscal year. OPIC will provide funding while NEXI will insure loans by private banks.

China is charging forward with infrastructure exports by touting low prices. The U.S. and Japan hope to push back through cooperation and appeals to quality and safety. They will also try to raise awareness about the need for project transparency and sound debt management.

Washington and Tokyo also plan to deepen cooperation in the energy field, working to expand the supply of U.S. liquefied natural gas in Asia and promoting construction of fossil-fuel power plants.

(Nikkei)

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