This is the best summary I could come up with:

The policy is not backed by any new foreign aid funding, but the government wants to use “blended finance” tools to encourage the private sector to lend money, especially for climate-related projects in south-east Asia.

Australia will seek to play to its perceived strengths across the region, including by pledging “genuine partnerships based on respect, listening and learning from each other” and to ensure loans don’t create “unsustainable debt burdens”.

The government’s policy document includes a stark warning that public debt in the Pacific is expected to almost double by 2025 compared with 2019, with the cost of interest repayments eroding frontline services.

“We will support each nation in their endeavours to unlock new avenues to prosperity, including as they empower women and girls, enhance digital connectivity and diversify trade on global markets.”

“This policy sets out a good faith, transparent and long-term approach to development that can help create a peaceful, stable and prosperous region – which serves Australia’s national interests far better than using the aid budget as a slush fund.”

The government is likely to disappoint the sector by not promising extra funds or committing to a clear timeframe to achieving a target of international development reaching 0.5% of gross national income.

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