Japan invests 12 bln USD to rebuild ASEAN cities

News - About 400 Japanese enterprises will join the 12 billion USD Smart East Asian Community Initiative by the government to rebuild the cities of the ASEAN member countries, including Vietnam, under a public-private partnership.

According to the daily Nikkei, Japan’s New Energy and Industrial Technology Development Organisation (NEDO) will work as a manager of the joint ventures with corporations including Toyota Corporation, Tokyo Energy Power Company, Tokyo Gas Company and Itochu Corporation.

These joint ventures will work with local authorities to set up an overall plan in March, 2011, to rebuild the urban areas in the cities of the ASEAN bloc, and will begin construction in Jakarta, Hanoi and Ho Chi Minh city in the next five years.

Under the project, the Japanese businesses will help these cities install smart electric systems, energy-efficient public transport and build water treatment facilities utilising green technology.

The Japanese Ministry of Economy, Trade and Industry and NEDO plan to supply technology and capital for feasibility studies. Once implemented, the Japanese government will provide loans worth 70-80 percent of the total cost of each project through Japan Bank for International Cooperation and consider the use of Official Development Assistance for some projects.