WASHINGTON – Members of the Trilateral Infrastructure Partnership (TIP) renewed a Memorandum of Understanding (MOU) on cooperation in the Indo-Pacific region between U.S. International Development Finance Corporation (DFC), Japan Bank for International Cooperation (JBIC), and Australia’s Department of Foreign Affairs and Trade (DFAT) and Export Finance Australia (EFA).
The MOU renewal recognizes the strong partnership between the United States, Japan, and Australia in driving sustainable economic growth and development across the Indo-Pacific region. DFC, JBIC, DFAT, and EFA affirmed they will work together to deliver new high-quality, sustainable infrastructure projects across the region. Based on the partners’ shared values, projects will emphasize transparency and respect the sovereignty and individual needs of countries in the region.
In line with the recently announced Indo-Pacific Economic Framework, the TIP partners also welcome, and look forward to working in concert with, the Quad on infrastructure among the United States, Japan, Australia, and India.
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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 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.
About DFAT
The Department of Foreign Affairs and Trade (DFAT) is a department of the Government of Australia, which works with international partners to tackle global challenges, increase trade and investment opportunities, protect international rules, keep our region stable and help Australians overseas.
About EFA
EFA is Australia’s export credit agency. EFA supports Australia’s trade and infrastructure agenda by providing commercial finance for exporting businesses and Indo-Pacific infrastructure development. EFA administers the Australian Government’s National Interest Account, which includes the Critical Minerals Facility, the Defence Export Facility and lending for the Australian Infrastructure Financing Facility for the Pacific.