The government intends to provide members of the Association of Southeast Asian Nations (ASEAN) with a total of about ¥330 billion, or $3 billion, in public and private investments and loans over three years from 2020, for such purposes as the development of quality infrastructure there, it was announced Monday.

 Foreign Minister Toshimitsu Motegi made the announcement during a speech in Tokyo.

 The government is placing importance on ASEAN member nations to realize the idea of “a free and open Indo-Pacific.” It appears to be aiming to strengthen its partnerships with these countries through effective investments and loans.

 In addition to infrastructure development, the government hopes to award investments and loans in fields where there is strong need in the ASEAN nations, including the support of female entrepreneurs and micro enterprises as well as renewable energy development.

 Of the ¥330 billion, about ¥130 billlion, or $1.2 billion, will be invested or extended as loans by the Japan International Cooperation Agency.

 The investment and loan program was announced on Nov. 4 by Prime Minister Shinzo Abe as a new initiative during the Japan-ASEAN Summit in Bangkok. “Japan will double JICA’s spending for investment and loan programs to mobilize private and other finance,” Abe said.

 Japan’s financial support for ASEAN member nations has been mostly in the form of long-term, low-interest rate yen loans. But opinion has been growing in ASEAN nations that private investment will produce more profits in the medium and long term, which will lead to the independence of their economies.