US delays Guam investment
Despite the triple disaster that has plagued Japan, the country has kept its side of the commitment by ensuring the availability of cash on schedule for the new US base in Guam.<!--more-->Japan has already made available US$800 million for the project and recently approved an additional US$416 million. But last week there were reports that the US was likely to delay its own commitment of some US$ 3 billion.
The project, which intends to relocate the US’ substantial naval base from Okinawa in Japan to Guam, is expected to cost US$ 15 billion. The US and Japan entered into a bilateral agreement to relocate some 8,000 Marines and almost an equal number of their dependents to Guam.
Japan’s commitment is US$6 billion of the estimated cost of just over US$10 billion for the move. The US$15 billion dollar base is considered to be the largest single infrastructure project ever in the Pacific region.
The project, however, has faced delays from the start and the latest announcement has caused concern in the Western Pacific, whose leaders have put much hope in the project for economic sustenance.