Japan pledges $40 million to ADB to back high-level technologyMay 6, 2017 - 12:29 AMT PanARMENIAN.Net - Japan will provide $40 million to the Asian Development Bank to promote high-level technology as part of efforts to boost quality infrastructure in Asia, Finance Minister Taro Aso said on Saturday, May 6, Reuters reports. "Japan has been promoting quality infrastructure in Asia in close collaboration with the bank," Aso told the ADB's annual gathering in Yokohama. "Enhancing quality of infrastructure in terms of lifecycle cost and environmental and social considerations is important." The money will be provided over a two-year period to a newly created fund of the ADB, he said. Aso's remarks came as China's increasing presence in infrastructure finance has alarmed some Japanese policymakers, who worry that Beijing-led Asian Infrastructure Investment Bank (AIIB) may overshadow the Japan-U.S.-led ADB. The AIIB is viewed by some as a challenger to both the Western-dominated World Bank and the ADB, which is primarily funded by Japan and the United States. Partly to differentiate itself, the ADB has broadened its activities beyond infrastructure such as financing of steps for poverty reduction, healthcare and education. ADB President Takehiko Nakao told the annual gathering that investment in infrastructure would remain a priority. "Asia will need $1.7 trillion per year in investments in power, transport, telecommunications and water through 2030," he said on Saturday. On Thursday, Nakao said the ADB would cooperate with China's development finance and infrastructure plans under its "One Belt, One Road" initiative, shrugging off the view Japan and China are competing for influence through development finance. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |