The assistance is intended to help protect supply chains for oil-related goods. Asian economies depend heavily on crude oil and other resources from the Middle East, while Southeast Asian countries manufacture many oil-linked products used in Japan, including medical-related items.
The Asian Development Bank also opened its annual meeting on Sunday. The ADB announced that it would provide 70 billion US dollars by 2035 to help build cross-border power supply networks and digital infrastructure in Asia.
ADB President Masato Kanda, a former Japanese vice minister of finance for international affairs, said at a press conference that the support would contribute to an “open, resilient and inclusive future” and sustainable prosperity for everyone in the region.
The bank also unveiled a framework to help develop supply chains for critical minerals across the region. Japan will provide 20 million US dollars for the framework.
[Copyright The Jiji Press, Ltd.]
