One of President Trump’s top priorities, infrastructure spending (as explained in his America First infrastructure plan), is planned to be discussed with Japanese Prime Minister Shinzo Abe on February 10th.
The Japan Times reported on the country’s plans.
The investment drive is part of a wide-ranging policy package Prime Minister Shinzo Abe is expected to present to U.S. President Donald Trump during their highly anticipated summit in Washington on Feb. 10.
Without citing sources, the Nikkei business daily said the Government Pension Investment Fund, the world’s largest, will buy debt issued by U.S. companies to fund the vast spending program.
This will, in turn, create hundreds of thousands of jobs in the U.S., which Trump has for so long promised.
The Hill reported in reference to the monetary details of the investment.
Japan’s Government Pension Investment Fund (GPIF), which is the world’s largest pension fund and manages over $1 trillion, will reportedly buy debt issued by U.S. companies to fund vast infrastructure spending.
Reuters said the investment will amount to $150 billion in public and private funds over 10 years, aimed at projects such as high-speed rail and cybersecurity.
Elaine Chao, the new Secretary of Transportation, has expressly agreed with Trump’s infrastructure revitalization plans, as she said in her confirmation hearing that one of her main priorities will be to create an infrastructure “task force.”
There has not been an infrastructure package yet established, but according to The Hill, it should be expected to be a part of the 2017 agenda. In late January, they published a statement on the prospects of the package from the House Transportation Committee.
House Transportation Committee Chairman Bill Shuster (R-Pa.) told The Hill last week that Congress will explore ways to pay for infrastructure spending in the first 100 days.
"Then in the next second 100 days is when we'll put together a big infrastructure package," he said.
Shinzo Abe’s talk with President Trump may be a step in the right direction toward paying for the immense infrastructure package.