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Infrastructure financing in emerging economies of South and Southeast Asia serves the dual objectives of generating new growth frontiers for Japanese economy by seizing the global infrastructure market on the one hand and buttressing strategic partnerships to manage the rise of a Sino-centric order on the other. Much before the COVID-19 pandemic, the Asian Development Bank (ADB) in its 2017 projections indicated that developing Asia requires to invest US$ 1.7 trillion every year in infrastructure until 2030 to maintain its economic growth and to manage poverty alleviation and climate change. Openness, transparency, economic efficiency taking into account life-cycle cost, and debt sustainability drive Japan’s quality infrastructure strategy as it responds to Beijing’s global infrastructure agenda. Making its mark, Japan’s instrumental role in global norm-setting vis-à-vis quality infrastructure 1 is effectively demonstrated, be it in the G7 Ise-Shima Principles 2 or the G20 Principles for Quality Infrastructure Investment endorsed at the Osaka Summit. China’s grand design of Belt and Road Initiative prompted high power politics, and the competitive space of infrastructure financing has seen alternative solutions, including Japan’s Expanded Partnership for Quality Infrastructure (EPQI), US-led Blue Dot Network, G7’s Build Back Better World (B3W) Partnership and the European Union’s Global Gateway.
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Major powers often leverage infrastructure financing as a consequential geo-economic tool of statecraft. AFRICA, LATIN AMERICA, CARIBBEAN AND UN.Memorandum of Association: Rules and Regulations.