Nippon Foundation first to donate to Malacca Strait navigational fund
The Nippon Foundation, the largest private foundation in Japan, on Friday said it would contribute to the Aids to Navigation Fund, a project proposed by the littoral states of the Malacca Strait and the International Maritime Organization and unanimously adopted at an IMO meeting in Singapore last week.
The Aids to Navigation Fund is designed to ensure the maintenance and repair of navigational aids in the strait and Singapore.
During the Singapore meeting, Masazumi Nagamitsu, executive director of foundation, said his organization was prepared to contribute up to one-third of the cost associated with the funding of the project for the first five years.
In a statement, the Nippon Foundation said it decided to become the first contributor to the navigation fund in an attempt to promote the concept of corporate social responsibility.
'The foundation believes that beneficiaries such as user states, maritime industries and other stakeholders should voluntarily contribute to the safety and environmental protection of the Straits of Malacca and Singapore, recognizing the fact that they are the greatest potential polluters of the Straits,' the foundation said. 'The Nippon Foundation sincerely hopes that this decision will trigger worldwide action towards contributing to the Aids to Navigation Fund, and will mark a significant step toward a new regime in the global maritime industry.'
In response to the foundation's offer, Singapore proposed to organize a preparatory meeting during the Singapore Meeting at which the littoral states and The Nippon Foundation would further discuss the details of the Aids to Navigation Fund, which is expected to begin soon.
(Additional coverage of the Malacca Strait issue is in the August American Shipper, pages 52-53).
Nippon Foundation first to donate to Malacca Strait navigational fund
