TOKYO – The head of development finance institutions and agencies of Australia, India, Japan, and USA—Export Finance Australia (EFA), the Australian Infrastructure Financing Facility for the Pacific (AIFFP), India Export-Import Bank (India Exim Bank), Japan Bank for International Cooperation (JBIC), and U.S. International Development Finance Corporation (DFC)—gathered in-person and virtually on 23 May, 2022 in Tokyo to discuss enhanced collaboration to better connect the Indo-Pacific region, ahead of the Quad Leaders’ Meeting.
The leaders of the finance institutions and agencies exchanged views on essential priority areas of the region including climate change; secure and reliable telecommunication networks; sustainable supply of energy; food and medical security; and global supply chain resilience.
The participants also agreed to work together to overcome the infrastructure development challenges facing Indo-Pacific region. They agreed to make concerted efforts to promote innovation to provide secure and reliable technology, such as telecommunication network projects, including 5G rollout, and green transition technology, including clean hydrogen. On supply chain resilience, participant institutions and agencies will continue discussions to identify supply chain vulnerabilities and explore appropriate measures to diversify sources of critical goods and related supply chains through cooperation with wider stakeholders including the private sector.
The roundtable was hosted by JBIC. “Today’s roundtable of the four development finance institutions and agencies on the sidelines of the Quad Leaders’ Meeting is a symbolic initiative. These finance institutions and agencies are committed to facing the global challenges in this new era,” said the JBIC governor Tadashi Maeda.
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About DFC
U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
About Export Finance Australia
Export Finance Australia (EFA) is Australia’s export credit agency. EFA provides commercial finance for Australian exporters and overseas infrastructure development. EFA helps Australian SMEs and larger companies to realise export opportunities, contribute to an export supply chain or grow their international revenue.
About AIFFP
The Australian Infrastructure Financing Facility for the Pacific (AIFFP) is a core tool of Australia’s Pacific Step-up and was announced by the Australian Government in November 2018. The AIFFP invests in key economic infrastructure such as telecommunications, energy, transport and water across the Pacific and Timor-Leste, using a mix of loan finance and ODA grants. Since inception in 2019, the AIFFP has agreed to over $950 million in financing (including $730 million in lending) across ten major capital infrastructure works. The AIFFP utilises back-office support from Export Finance Australia in the administration of loans.
About India Exim Bank
Export-Import Bank of India (India Exim Bank), established in 1982 under an Act of the Indian Parliament, fully owned by the Government of India, is a financial institution engaged in funding, facilitating, and promoting India’s global trade and investment. Since its inception, India Exim Bank has been a catalyst and a key player in the promotion of cross-border trade and investment; and supports Indian companies in enhancing their competitiveness and internationalization efforts. The Bank also extends financial assistance to developing partner countries to create a positive socio-economic development impact in projects across an array of diverse sectors. India Exim Bank has also been regularly innovating its products and services, keeping in view the dynamics of the global trade scenarios, for mutually beneficial engagements with partners across regions. To know more about the Bank, visit: www.eximbankindia.in
About JBIC
The Japan Bank for International Cooperation (JBIC) is a policy-based financial institution, its shares wholly owned by the Government of Japan, which has the purpose of contributing to the sound development of the Japanese and international economy and society by taking responsibility for financial functions to promote overseas development and secure natural resources with strategic importance to Japan, maintaining and improving the international competitiveness of Japanese industries, promoting overseas business having the purpose of preserving the global environment, and also providing the financial services that are necessary to prevent disruptions to the international financial order or to implement appropriate measures with respect to the effects of such disruption