Business | Feb 05

Major Companies to Launch Joint Venture Supporting Local Governments with Aging Infrastructure

TOKYO, Feb 05 (News On Japan) - As concerns mount over aging infrastructure across Japan, six major companies including JR West, the NTT Group, and megabanks have decided to launch a new business to support local governments, by encouraging cooperation between multiple municipalities and assisting with fundraising.

The Ministry of Land, Infrastructure, Transport and Tourism estimates that maintenance and renewal of infrastructure such as bridges, tunnels, and water systems built during the high economic growth period will cost up to 284 trillion yen over 30 years until the fiscal year 2048. In this context, it is reported that JR West, NTT Communications, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and the Development Bank of Japan are set to form a business alliance and jointly launch a new venture to support municipalities.

They will assist with efficient facility inspections using digital technology and fundraising for large-scale repairs and updates. Furthermore, they will propose and coordinate the consolidation of infrastructure in regions with declining populations by encouraging collaboration between multiple municipalities. The six companies aim to position this venture as a "platformer" that comprehensively supports infrastructure renewal and management, with plans to start the business within this month.

Source: NHK

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