JAPAN on Monday pledged an additional $10 million to the Inter-American Development Bank, a key financing source for states in Latin America and the Caribbean, to fund steps in areas such the development of critical minerals, to enhance economic security.
The pledge brings Tokyo’s total commitment to $30 million under a programme it set up at the bank earlier this year called the Japan Resilience Initiative. The resource-poor country is looking to strengthen ties with a region that is home to global suppliers of critical minerals and food.
The initiative “is designed to serve as a strategic bridge connecting Japan’s knowledge and experience with the development needs of the Latin America-Caribbean region”, Finance Minister Satsuki Katayama said in a speech at a business forum in Tokyo, held to mark the 50th anniversary of Tokyo’s membership of the IDB.
She said that while the region plays a key role in ensuring a stable global supply of critical minerals, it also faces social challenges such as insufficient preparedness for natural disasters and a rapidly aging population where Japan can offer expertise.
Ilan Goldfajn, president of the Washington-based IDB, told the same forum that the cooperation with Japan comes as “companies are increasingly looking into more resilience…for more diversification.” — Kyodo
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