Japan says lends billions to Indonesia, RP and Mongolia
TOKYO - Japan said Friday it was extending low-interest loans worth a total of one billion dollars to Indonesia, Mongolia and the Philippines to fund infrastructure and education projects. Japan’s foreign ministry said it signed off on loans worth 60.7 billion yen (607 million dollars) to Indonesia for projects including expanding the medical research department of the University of Indonesia. The money will also go to lay another track in Java on one of the country’s busiest rail routes, a ministry statement said. Japan also extended a loan worth 17.1 billion yen (171 million dollars) to the Philippines to provide extra funds to build a Japanese-funded expressway in Central Luzon. Costs rose in part due to higher steel prices and foreign exchange fluctuations, the ministry said. Japan also said Friday that it had agreed earlier in the month to lend 22.8 billion yen to Mongolia to build a new airport in Ulan Bator, saying the current airport could not handle rising air traffic. Japan, the world’s second largest economy, relies on low-interest loans as a key element of its foreign policy and has focused on building relations with Southeast Asia. Separately and earlier this week, it also promised another 22.08 billion yen in low interest loans to Indonesia. Japan often announces funding decisions in the days before its fiscal year ends on March 31. Source: www.abs-cbnnews.com
