Quad to Donate Over $50 Billion in Indo-Pacific Infrastructure and Investment in Five Years

Tokyo: Amid China’s efforts to increase its global footprint by funding infrastructure projects, Quad leaders on Tuesday reaffirmed their shared commitment to deepening infrastructure cooperation, which is key to boosting productivity and growth. prosperity in the Indo-Pacific region.

A statement released after the leaders of Australia, India, Japan and the United States met here said Quad will seek to extend more than $50 billion in infrastructure aid and investment across the country. Indo-Pacific over the next five years.

Quad executives said in the statement they shared a commitment to addressing debt issues, which have been exacerbated by the pandemic in many countries.

“Quad’s partners bring together decades of skills and experience to catalyze infrastructure delivery in the region. We are committed to working closely with partners and the region to drive public and private investment to fill the gaps. To achieve this, Quad will seek to expand more than $50 billion in infrastructure assistance and investment across the Indo-Pacific, over the next five years,” the statement said.

“We will strive to build the capacity of countries in need to address debt issues within the framework of the common G20 framework and by promoting debt sustainability and transparency in close collaboration with the financial authorities of the countries concerned. , including through the ‘Quadruple Debt Management Resource Portal’, which consists of multiple bilateral and multilateral capacity building assistance,” he added.

The leaders welcomed the meeting of development finance institutions and agencies from the four countries on the sidelines of the Quad leaders’ meeting.

“We are working closely with experts, our region and each other to link our toolkits and expertise to better connect the Indo-Pacific,” the statement said.

“We will further 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, which reflect the region’s priorities, including ASEAN’s outlook on the Indo-Pacific, to contribute to sustainable and inclusive growth in the region,” he added.

The Quad meeting brought together Prime Minister Narendra Modi, Australian Prime Minister Anthony Albanese, US President Joe Biden and Japanese Prime Minister Fumio Kishida.

Regarding COVID-19 and global health security, Quad executives said they welcome the progress made in expanding production of J&J vaccines at the Biological E facility in India as part of the capacity to sustainable manufacturing of the Quad Vaccine Partnership. COVID-19 and future pandemics.

Leaders said they were looking forward to the WHO’s emergency use list (EUL) procedure for vaccines.

“In this regard, we look forward to the granting of WHO EUL approvals for the above-mentioned vaccines in India. We celebrate the Quad’s donation to Cambodia and Thailand of WHO-approved Made in India vaccines, as well as the Quad members’ other vaccine-related support, as an example of the tangible achievement of our collaboration,” the statement read.

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