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Prime Minister Shinzo Abe has announced $110 billion (¥13 trillion) in aid for “high-quality” infrastructure development in Asia over the next five years, in an apparent move to counterbalance the China-led Asian Infrastructure Investment Bank.

“In collaboration with the Asian Development Bank, Japan will provide Asia with a total of $110 billion funding for innovative infrastructure,” Abe told the audience at an international conference in Tokyo on Thursday.

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