Australia’s Department of Foreign Affairs and Trade (DFAT) and Export Finance and Insurance Corporation (Efic), the Japan Bank for International Cooperation (JBIC), and the US Overseas Private Investment Corporation (OPIC) signed the MOU.
In consultation with investors and infrastructure companies, the trilateral partners will evaluate priority infrastructure projects for possible joint development and financing, and consider sending trilateral project identification and pre-feasibility missions to work through a deliberative process with regional governments to develop specific project proposals.
In a joint statement the governments said: “Through the MOU, we intend to work together to mobilise and support the deployment of private sector investment capital to deliver major new infrastructure projects, enhance digital connectivity and energy infrastructure, and achieve mutual development goals in the Indo-Pacific.”
The trilateral partnership intends to work with governments of the Indo-Pacific to support and encourage infrastructure projects that adhere to international standards and principles for development, including openness, transparency, and fiscal sustainability.
In the lead-up to the 2019 G20 Summit in Osaka, the three governments intend to work with other members of the G20 to promote quality infrastructure development.