The Japanese government plans to jointly establish a large-scale insurance system encompassing the Asia-Pacific region to cover developing countries hit by earthquakes, cyclones and other disasters.
The Yomiuri Shimbun reports that the scheme will be developed in two parts.
One will be a mutual assistance system to help small countries in the South Pacific finance recovery projects. The other will cover countries in the Southeast Asian region.
The South Pacific scheme assumes that at least 15 countries and territories will participate, including Fiji, Tonga, Samoa and Papua New Guinea.
Japan’s government will incorporate its contribution in the scheme into the state budget for fiscal 2012 and will make an official announcement of the plan during the sixth Pacific Islands Leaders Meeting scheduled for May 25-26 in Okinawa Prefecture.
Australia, New Zealand and some members of the European Union may also make contributions to the proposed insurance system for the South Pacific island countries, according to Japanese government officials.