Japan, ADB to support struggling small companies in Asia

Japan and the ADB have launched a framework to help small and midsize companies in Asia hurt by fuel shortages and price increases resulting from the Middle East crisis, Finance Minister Satsuki Katayama said in a speech at an annual meeting of the ADB in Samarkand, Uzbekistan.

The framework was established under an aid package for Asia worth US$10 billion that the Japanese government unveiled last month in response to the Middle East crisis.

Katayama expressed hope that the framework will contribute to promoting growth in the Asia-Pacific region.

Under the framework, loans and debt guarantees will be provided to small and midsize companies, while investments and loans will be provided for infrastructure development to support medium- and long-term energy transformation in developing countries.

The government-backed Japan Bank for International Cooperation will cooperate in the project.

Also on Monday, the finance ministers of Japan and Pacific island countries met to discuss measures to address financial issues, including international remittances.

The ADB will hold next year's annual meeting in Nagoya, marking the first time in a decade for such an event to take place in Japan.

At Monday's press conference, Katayama said she strongly asked other member countries to participate.