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The Group of Seven on Sunday announced a plan that would help build global infrastructure in middle-income countries.
The plan, called “The Partnership For Global Infrastructure and Investment (PGII),” will provide $600 billion in infrastructure investments by 2027. The U.S. will contribute $200 billion over the next five years, President Joe Biden announced at the G7 meeting in Germany.
Today, the nations of the G7 launched the Partnership for Global Infrastructure and Investment.
Collectively, we aim to mobilize nearly $600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people.President Biden (@POTUS) June 26, 2022
The capital will come from “like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more,” according to Biden.
These investments will help middle-income countries grapple with the COVID-19 pandemic and human-made climate change. The investments will also help countries cope with the energy shortages caused by the Russian invasion of Ukraine.
The PGII “will demonstrate how millions of dollars can mobilize tens or hundreds of millions in further investments and tens or hundreds of millions can mobilize billions.”
The Biden administration noted that infrastructure has long been underfunded and there is “over $40 trillion in estimated need in the developing world.”
Biden said that this investment in infrastructure will help shape global stability. It will ensure health and health security, digital connectivity, gender equality and equity, and climate and energy security.
Tune in as I deliver remarks with other G7 Leaders to formally launch our Partnership for Global Infrastructure and Investment – an effort that is critical to our economic and national security. https://t.co/I5YzaCRJbU
President Biden (@POTUS) June 26, 2022
He also clarified that the investment will “deliver returns for everyone, including the American people and people of all” nations, and was not “aid or charity.”
“It’s a chance for us to share our positive vision of the future,” Biden said.
German Chancellor Olaf Scholz welcomes U.S. President Joe Biden ahead of their meeting on the day of G7 leaders summit at Bavaria’s Schloss Elmau castle, near Garmisch-Partenkirchen, June 26, 2022.
Photo: Reuters / LEONHARD FOEGER
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