Japan’s government plans to mobilise more than $75bn of public and private funds to invest in infrastructure across the Indo-Pacific by 2030. Prime minister Fumio Kishida made the commitment on March 20 during a visit to India.
He said the investment will comprise “private investments, yen loans and other means” to help meet the “major demands in each country” across the region. He also pledged to improve security assistance, including maritime security, and highlighted the government’s establishment of a new framework for granting aid to armed forces in “like-minded countries”.
ACWA commits $2.5bn to Uzbekistan
Saudi Arabia’s ACWA Power is investing $2.5bn in green projects in Uzbekistan. In a statement on March 20, the energy giant said it had signed agreements with the central Asian nation’s government and grid operator to develop three solar photovoltaic projects with a total capacity of 1.4 gigawatts (GW) and batteries with 1.5GW hours of storage.
This will help fulfil ACWA’s commitment in August 2022 to invest an extra $10bn in the country. Uzbekistan is the group’s biggest overseas market by value.
The projects, which will be located in Tashkent, Bukhara and Samarkand, bring the country closer towards its target of generating 35% of its electricity from renewable sources by 2030.
Europe pledges €7bn for Turkey and Syria
A group of international donors led by the European Commission and Council has committed €7bn towards the reconstruction of Turkey and Syria after the region’s devastating earthquakes in February. The support, which was mobilised at a donor event on March 20, involves €6.05bn in grants and loans for Turkey and €950m worth of grants for Syria.
More than half the total commitments were made by the European Commission, EU governments, the European Investment Bank and the European Bank for Reconstruction and Development.
And finally: A Russian court froze Volkswagen’s local assets on March 20, complicating the automaker’s year-long attempts to leave the country, according to court papers seen by Reuters.