In a big development, Quad nations have announced to extend infrastructure assistance and investment of over $50 billion in the Indo-Pacific region.
In a joint statement after the meeting of leaders of the Quad nations, United States, India, Australia and Japan, the grouping reaffirmed their "shared commitment to deepen cooperation on infrastructure, which is critical to driving productivity and prosperity in the Indo-Pacific region".
The joint statement came after the Quad Leaders' Summit in Japan, which was attended by Prime Minister Narendra Modi, US President Joe Biden, Australian PM Anthony Albanese and Japanese PM Fumio Kishida.
The leaders said that they share a commitment to "addressing debt issues, which have been exacerbated by the pandemic in many countries".
"Quad partners bring decades of skills and experience together to catalyse infrastructure delivery to the region. 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 50 billion USD of infrastructure assistance and investment in the Indo-Pacific, over the next five years," the statement said.
Further, the grouping 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".
"We are working closely with experts, our region and each other to link our toolkits and expertise to better connect the Indo-Pacific," the joint statement said.
The Quad leaders added that they 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 that reflect the region’s priorities including ASEAN Outlook on the Indo-Pacific, to contribute to sustainable and inclusive growth in the region".