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Financing Development Cooperation in Northeast Asia

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  • Kawai, Masahiro

    (Asian Development Bank Institute)

Abstract

Infrastructure connectivity in Northeast Asia—comprising the northeastern People’s Republic of China, Japan, the Democratic People’s Republic of Korea, the Republic of Korea, Mongolia, and the Russian Far East—has been hindered by limited intergovernmental cooperation. The paper finds that total infrastructure investment needs for Northeast Asia excluding Japan and the Republic of Korea (in transport, energy, information and communication technology, and the environment) could be $63 billion per year over the next 10 years. Of this total, $13 billion would have to be mobilized every year from external sources. The paper considers three options to fund these needs in addition to traditional financing by bilateral and multilateral agencies: (i) special and/or trust funds newly set up in existing multilateral development banks (MDBs), (ii) a structured infrastructure investment fund supported by MDBs, and (iii) a new subregional multilateral development bank. It suggests that the first two have potential, but recommends against establishing a new development bank.

Suggested Citation

  • Kawai, Masahiro, 2013. "Financing Development Cooperation in Northeast Asia," ADBI Working Papers 407, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0407
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    References listed on IDEAS

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    1. Biswa Nath Bhattacharyay & Masahiro Kawai & Rajat M. Nag (ed.), 2012. "Infrastructure for Asian Connectivity," Books, Edward Elgar Publishing, number 14819.
    2. Biswa Nath Bhattacharyay, 2012. "Estimating demand for infrastructure, 2010–2020," Chapters, in: Biswa Nath Bhattacharyay & Masahiro Kawai & Rajat M. Nag (ed.), Infrastructure for Asian Connectivity, chapter 2, pages 19-79, Edward Elgar Publishing.
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    Cited by:

    1. Wihtol, Robert, 2014. "Whither Multilateral Development Finance?," ADBI Working Papers 491, Asian Development Bank Institute.

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    More about this item

    Keywords

    infrastructure development and connectivity; subregional cooperation programs in asia; northeast asian infrastructure forum; northeast asian infrastructure fund;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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