Japan stresses importance of aid to private sector in developing countries

Japan’s Finance Minister Kato Katsunobu has stressed the importance of extending assistance to the private sector in developing countries. He addressed the annual meeting of the Asian Development Bank in Italy on Monday.

Kato pointed out that challenges faced by the Asia-Pacific region, such as frequent natural disasters, public health emergencies and economic and fiscal vulnerabilities, are becoming increasingly complex and multifaceted. He warned that the effects of development efforts accumulated over the years could stall.

Kato vowed that Japan will contribute 20 million dollars to a trust fund established by the ADB to accelerate the private sector development shift.

The fund will encourage private enterprises in developing countries to grow without relying on government assistance, and will be used to create an environment to facilitate their participation in development projects undertaken by global companies.

Kato told reporters after the meeting that he expects other countries to follow suit after Japan makes initial contributions. He said he believes steadily extending support through the fund will bring about economic growth in Asia. He underscored the importance of Japan taking the lead in these efforts.

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