The top leaders of India, the US, Australia and Japan on Tuesday vowed to extend more than USD 50 billion in infrastructure aid and investment in the Indo-Pacific over the next five years, amidst China's growing clout in the region.
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 strategically vital 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 statement said.
"We reaffirmed our shared commitment to deepen cooperation on infrastructure, which is critical to driving productivity and prosperity in the Indo-Pacific region." We also share a commitment to addressing debt issues, which have been exacerbated by the pandemic in many countries," the statement added.
The Quad is widely seen as a counterweight to China's growing clout in the region. But members have emphasised that it is a group promoting what it calls "practical cooperation" in areas such as coronavirus vaccines, infrastructure, climate change and critical technologies.