Reaffirming shared commitment to deepen cooperation on infrastructure, the Quadrilateral Security Dialogue (Quad) countries on Tuesday agreed to allocate USD 50 billion for infrastructure and investment in the Indo-Pacific region over five years.
Prime Minister Narendra Modi participated in the second in-person Quad Leaders' Summit in Tokyo today, along with leaders of Japan, the US and Australia.
During the summit, leaders reiterated their shared commitment to a free, open and inclusive Indo-Pacific and the importance of upholding the principles of sovereignty, territorial integrity and peaceful resolution of disputes.
"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 USD 50 billion of infrastructure assistance and investment in the Indo-Pacific, over the next five years," the Quad Joint Leaders' Statement said in a statement.
Underlining that deepening cooperation on infrastructure is critical to driving productivity and prosperity in the Indo-Pacific region, the leaders shared a commitment to addressing debt issues, which have been exacerbated by the pandemic in many countries.
"We 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," the statement said.
In the joint statement, they also welcomed the meeting of the development finance institutions and agencies of the four countries in the margins of the Quad Leaders' Meeting. "We are working closely with experts in our region and each other to link our toolkits and expertise to better connect the Indo-Pacific."
They further vowed to 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
PM Modi Meets Yoga Practitioner, Other Influencers In Kuwait "Cinema, Cuisine, Tourism": In Kuwait, PM Modi Reflects On India's 'Soft Power' In PM's Kuwait Visit, Top Honour, Bilateral Meet, Delegation-Level Talks 3 Khalistani Terrorists, Who Attacked Punjab Cops, Killed In UP Encounter Bashar Al-Assad's Wife Files For Divorce, Wants To Return To UK: Report "Ran For My Life": Gurgaon Woman Shares Traumatic Experience With Ola Cab Murder-Accused Throws Slipper At Judge In Thane Court Forced Nudity, Sleep Deprivation: How CIA Tortured Prisoners At Black Sites Kerala Removes Biomedical Waste Illegally Dumped In Tamil Nadu Track Latest News Live on NDTV.com and get news updates from India and around the world.