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Japan to pledge $22bln for developing nations – Nikkei

Posted on: April 1, 2009

Reuters – Wednesday, April 1

NEW YORK, March 31 – Japan will offer $22 billion dollars in trade assistance for developing nations at the upcoming Group of 20 leaders’ summit, the Nikkei business newspaper reported on its website.

Amid a sharp pullback in credit, trade financing has dwindled but the Japan Bank for International Cooperation plans to provide $6 billion for developing countries, while the Nippon Export and Investment Insurance will supply an additional $16 billion in trade insurance coverage.

The World Bank has proposed plans for $50 billion dollars in trade assistance with the private sector, the report said, and Japan is expected to play a leading role in coordinating international efforts, along with the international financial institution.

The leaders from 20 major economies will convene Wednesday evening in London, with Japanese Prime Minister Taro Aso and Finance Minister Kaoru Yosano in attendance.

In a joint statement, they are expected to pledge fiscal and monetary measures to bring the world economy back on to a recovery path by the end of 2010, according to the report, with the International Monetary Fund forecasting the global economy will contract this year.

Summit participants are also expected to agree to step up regulation and supervision of hedge funds, as well as to redouble efforts to move forward with multilateral trade talks, according to the Nikkei.


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