The Japanese government has plans to support a new private sector investment fund to invest in developing countries, according to Japanese broadcasting corporation NHK World Japan.
Japan is looking to raise between ¥50 billion and ¥100 billion ($460 million and $920 million) from institutional investors. Investment Insurance and Nippon Export, a government-owned export credit agency could also help finance the initiative.
Officials representing three major Japanese Banks and 10 financial institutions from Europe, Australia, and the United States reportedly signed a memorandum on the investment scheme on June 7.
Earlier this week, Japan’s largest bank, MUFG Bank, said it also plans to invest up to ¥100 billion in infrastructure projects overseas this year.
The government of Japan is planning to ramp up overall infrastructure exports, increasing new orders to ¥30 trillion ($278 billion) by 2020.
