Japan, US and Australia begin own 'Belt and Road' in South Pacific

Three countries plan $1bn loan for LNG project in Papua New Guinea

The national flag of Papua New Guinea flies in front of boats berthed in Port Moresby. China's Huawei has won a bid to build the country's telecommunications network. © Getty Images

HISAO KODACHI, Nikkei staff writer

June 25, 2019 03:18 JST

TOKYO -- Japan, the U.S. and Australia have picked a liquefied natural gas project in Papua New Guinea as their first case for joint financing in the Indo-Pacific region, planning to lend over $1 billion, Nikkei has learned.

Three government-backed lenders -- Japan Bank for International Cooperation, the U.S. Overseas Private Investment Corp. and Australia's Export Finance and Insurance Corp. -- plan to issue a statement on Tuesday regarding their joint infrastructure efforts.