Tokyo 2016 issued a press release welcoming a Japanese government pledge of $17 billion for infrastructure development in Asia, as announced by Prime Minister Taro Aso in a speech at the World Economic Forum in Davos, Switzerland.
During his speech the Prime Minister, who last month pledged to help bring the 2016 Games to Tokyo, re-emphasized Japan’s pledge to loan $100 billion to the International Monetary Fund originally announced last November. He introduced Japan’s plans to lower greenhouse gas emissions, including new emissions targets to be set by this June.
Tokyo 2016’s financial plan includes the Tokyo Metropolitan Government’s “huge, ring-fenced contingency fund of 400 billon yen ($4.4 billion U.S.) and the national government’s guarantee of all related financial obligations”. According to the press release additional financial strength comes from the yen’s role as a safe haven currency, in part because Japanese banks have reportedly experienced relatively limited impact in the credit market and Japanese companies have not suffered the same level of debt experienced by many companies overseas, as noted at the forum in Davos.
Dr. Ichiro Kono, Chairman and CEO of Tokyo 2016 said, “the Tokyo 2016 motto of ‘Uniting Our Worlds’ is more relevant than ever before in view of the current global economy. In representing the whole nation with this bid we are deeply proud that our country is carving such an inspirational path, which can benefit nations across the world.
“Preparations for these historic Games will dovetail with Tokyo’s visionary makeover, representing a sound investment that will pay high dividends for generations to come. The Games in Tokyo will provide a global stage to showcase best practices for cities worldwide to follow as they face the 21st century problems of urbanisation, matured economics, ageing population and environmental degradation”, he said.
