China-backed AIIB needed for Asian infrastructure, says Bank of Japan
All initiatives to aid development are welcome, says BOJ's Kuroda.
Bank of Japan Governor Haruhiko Kuroda said on Tuesday the creation of the China-backed Asian Infrastructure Investment Bank and the participation of many nations were positive for infrastructure development in the region.
“Infrastructure needs are huge and it’s simply not possible for the Asian Development Bank and the World Bank to fill the gap completely,” said Kuroda, formerly head of the ADB.
“Chinese initiatives, Indian initiatives, Japanese initiatives … They could be quite positive in the sense that through healthy competition, infrastructure would be further improved in Asia and economic growth could be further accelerated with inclusiveness,” he told a seminar hosted by an ADB-affiliated think tank.