Japan pledges to help ASEAN<\/p>\n
TOKYO (AFP): Japan will start to use public sector capital as
\na new form of assistance to Southeast Asian countries in addition
\nto aid within the IMF framework, a report said Wednesday.<\/p>\n
Tokyo will use trade insurance to back private sector loans to
\nmembers of the Association of Southeast Asian Nations (ASEAN) hit
\nby currency turmoil, Nihon Keizai Shimbun business daily said.<\/p>\n
The first such loan will be provided to Malaysia by Sumitomo
\nBank Ltd. and Nomura Securities Co. Ltd. by the end of the year,
\nit said.<\/p>\n
Japan's top securities house Nomura will issue bonds worth 70
\nbillion yen (US$519 million) and will give the funds raised to
\nSumimoto Bank at low interest, it said.<\/p>\n
The bank will then transfer the money to the Malaysian
\ngovernment and local companies as the state-backed five-year
\nloans, the newspaper said.<\/p>\n
The plan was unofficially communicated to Prime Minister
\nMahathir Mohammad by Japan's International Trade and Industry
\nMinister Kaoru Yosano, now on a three-day tour of Indonesia,
\nMalaysia and Singapore, it said.<\/p>",
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