Encouraged by a shared commitment to deep cooperation on infrastructure, the Quadrilateral Security Group (Quad) on Tuesday agreed to share $ 50 billion for infrastructure and investment in the Indo-Pacific region over five years.
Prime Minister Narendra Modi attends the Second Quad Leaders Summit in Tokyo today, with the leaders of Japan, the US and Australia.
During the conference, the leaders also reaffirmed their commitment to free, open and Indo-Pacific integration and the importance of maintaining the principles of sovereignty, local stability and peaceful resolution of disputes.
“We are determined to work closely with partners and the community to make public and private investments to bridge gaps. To achieve this, Quad will seek to attract more than $ 50 billion in infrastructure and investment assistance. money in the Indo-Pacific, over the next five years, ”the Quad Joint Chiefs of Staff said in a statement.
Recognizing that deep cooperation on infrastructure is vital to productivity and prosperity in the Indo-Pacific region, the leaders shared an agreement to address debt issues, which have been exacerbated by the pandemic in many countries.
“We will work to strengthen the capacity of countries that need to address debt issues under the common G20 Strategy and by promoting debt consolidation and transparency in close cooperation with the relevant national financial authorities, including through the ‘Quad Debt Management Resource Portal,’ which has a lot of binary and multi-tasking writing support, ”the statement said.
In a joint statement, they also welcomed the meeting of development finance companies and companies of the four countries in the dream of the Quad Directors Meeting. “We are working closely with experts in our region and ourselves to integrate our tools and expertise to connect effectively with the Indo-Pacific.”
They also vow to deepen cooperation and pursue sustainable practices in identified areas, such as environment and digital connectivity, clean energy, and climate change with disaster recovery in energy-related applications.
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