Quad vows to allocate $50 billion for infrastructure in Indo-Pacific region

Four-nation grouping Quad on Tuesday agreed to deepen cooperation on infrastructure, critical to driving productivity and prosperity in the Indo-Pacific region, and share a commitment to addressing debt issues, which have been exacerbated by the coronavirus pandemic in many countries. A joint statement issued after the second in-person Quad summit attended by Prime Minister Narendra Modi, US President Joe Biden, Japanese Prime Minister Fumio Kishida and his Australian counterpart Anthony Albanese, said that Quad partners bring decades of skills and experience together to catalyse infrastructure delivery to the region. The Quad leaders 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 leaders also welcome the meeting of the development finance institutions and agencies of the four countries in the margins of the Quad meet. The leaders said they are working closely with experts, the region and each other to link their toolkits and expertise to better connect the Indo-Pacific.

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