One main goal of the Quad is to finance infrastructure projects that are properly planned and financially sustainable -- although they don’t have nearly as much cash to offer as Xi’s Belt-and-Road Initiative, which Morgan Stanley says may total $1.3 trillion by 2027. That includes projects with price tags that small economies can’t handle -- particularly in Myanmar and Sri Lanka, where debt payments take up about 80 percent of national revenues.
Officials from the Quad nations emphasize it’s one part of a bigger strategy that can include other countries. Australia, Japan, New Zealand, South Korea and the U.S., for example, are planning to fund multibillion-dollar electric-power and Internet infrastructure program for Papua New Guinea, The Australian newspaper reported on Wednesday, without citing anyone.