Leaders of the G-7 nations have unveiled their plans to form a “transparent infrastructure partnership” that will allow them to “mobilize $600 billion by 2027 in global infrastructure investments” in low- to middle-income countries.
The Partnership for Global Infrastructure and Investment (PGII) is a relaunch of the “Build Back Better World” scheme that was presented at the G-7 summit in the UK last year. According to a statement released by the White House, PGII aims to “deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses, and advances our national security.”
US President Joe Biden has also clarified that PGII is an investment that would deliver returns for everyone.
PGII will focus on tackling climate change, improving health systems, advancing gender equality and equity, and developing digital infrastructure.
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Some of the initiative’s highlighted investments include US$2 billion solar project in Angola, US$600 million to build a submarine telecommunications cable to connect Singapore to France through Egypt and the Horn of Africa to deliver high speed internet, up to $50 million from the US plus more from Canada, Australia, and numerous foundations to the World Bank’s Childcare Incentive Fund, and a US$3.3 million technical assistance grant to Institut Pasteur de Dakar (IPD) for an industrial-scale flexible multi-vaccine manufacturing facility in Senegal that could potentially produce millions of doses of COVID-19 and other vaccines.
And while there is no mention of China in these plans, the program looks to be the West’s response to China’s multi-trillion dollar “Belt and Road Initiative,” which was launched in 2013 and has been criticized for luring poorer nations into too much debt.
European Commission President Ursula von der Leyen said that the goal of the initiative is to provide a “positive powerful investment impulse to the world to show our partners in the developing world that they have a choice.”
Information for this briefing was found via Twitter, The White House and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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