TOKYO: Quad To Allocate $50 Billion For Infrastructure In Indo-Pacific Region

TOKYO: Reaffirming shared commitment to deepen cooperation on infrastructure, the Quadrilateral Security Dialogue (Quad) countries on Tuesday agreed to allocate USD 50 billion for infrastructure and investment in the Indo-Pacific region over five years.

Prime Minister Narendra Modi participated in the second in-person Quad Leaders’ Summit in Tokyo today, along with leaders of Japan, the US and Australia.

During the summit, leaders reiterated their shared commitment to a free, open and inclusive Indo-Pacific and the importance of upholding the principles of sovereignty, territorial integrity and peaceful resolution of disputes.

“We are committed to working closely with partners and the region to drive public and private investment to bridge gaps. To achieve this, Quad will seek to extend more than USD 50 billion of infrastructure assistance and investment in the Indo-Pacific, over the next five years,” the Quad Joint Leaders’ Statement said in a statement.

Underlining that deepening cooperation on infrastructure is critical to driving productivity and prosperity in the Indo-Pacific region, the leaders shared a commitment to addressing debt issues, which have been exacerbated by the pandemic in many countries.

“We will work to strengthen capacities of the countries in need to cope with debt issues under the G20 Common Framework and by promoting debt sustainability and transparency in close collaboration with finance authorities of relevant countries, including through the ‘Quad Debt Management Resource Portal,’ which consists of multiple bilateral and multilateral capacity building assistance,” the statement said.

In the joint statement, they also welcomed the meeting of the development finance institutions and agencies of the four countries in the margins of the Quad Leaders’ Meeting. “We are working closely with experts in our region and each other to link our toolkits and expertise to better connect the Indo-Pacific.”

They further vowed to deepen collaboration and pursue complementary actions in identified areas, such as regional and digital connectivity, clean energy, and climate resilience including disaster resilience in energy-related facilities.