Washington DC [US], July 1 : India participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) virtual ministerial meeting where the US Department of Commerce announced that the International Development Finance Corporation approved USD 300 million in funding for sustainable infrastructure projects in emerging markets in partnership with I Squared Capital, a Miami-based private equity firm.
In a press statement, the US Department of Commerce stated that this investment will mobilize up to USD 900 million of equity capital that will be deployed through I Squared Capital, a world leader in private global infrastructure investment managers, which will invest in renewable energy, smart-grid capabilities, power storage, and other projects that further climate change mitigation and adaptation objectives.
The IPEF virtual ministerial meeting was also attended by representatives from Australia, Brunei, Fiji, Indonesia, Japan, Malaysia, New Zealand, the Philippines, the Republic of Korea, Singapore, Thailand, and Vietnam.
"Building on the positive momentum coming out of the Detroit ministerial meeting last month, and the substantial conclusion of the negotiations of the IPEF Supply Chain Agreement, the IPEF partners reaffirmed their shared commitment to ambitious outcomes in Pillars III (Clean Economy) and IV (Fair Economy) as quickly as possible, and discussed the importance of delivering concrete benefits, including technical assistance and capacity building, to support future implementation of the high standard commitments envisioned under the two pillars," the statement read.
Earlier on September 8, 2022, the IPEF partners met in Los Angeles, California, for a ministerial meeting, during which they released ministerial statements for the four pillars of IPEF.
The first negotiating round was held in Brisbane, Australia, from December 10-12, 2022, followed by a special negotiating round on Pillars II-IV in New Delhi, India, from February 8-11, 2023.
The second negotiating round was held in Bali, Indonesia from March 13-19, 2023, followed by the third negotiating round in Singapore from May 8-15, 2023.
The IPEF partners met in Detroit, Michigan, for a ministerial meeting on May 27, during which they recognized the progress made in Pillars I (Trade), III (Clean Economy) and IV (Fair Economy), and announced the substantial conclusion of negotiations on a landmark IPEF Supply Chain Agreement under Pillar II.
The fourth IPEF negotiating round takes place from July 9-15, 2023, in Busan, Republic of Korea.
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