Memorandum on the Partnership for Global Infrastructure and Investment
Recently the Partnership for Global Infrastructure and Investment (PGII) has been launched by the G-7 leaders.
Goal of PGII:
- Providing quality and sustainable infrastructure across the globe, strengthening and diversifying supply chains, etc.
- PGI is touted as the official launch and facelift of the ‘Build Back Better World’ initiative. The Build Back Better World initiative was launched at the G7 summit last year.
- PGII aims to raise about $600 billion for global infrastructure programs in poor countries.
- It is being considered as a counterbalance to China’s Belt and Road Initiative (BRI).
- Unlike the Belt and Road Initiative initiative, the funding of the PGII initiative proposed by the G7 will depend largely on private companies.
- China’s BRI initiative will connect Asia with Africa and Europe through land and sea networks. Its purpose is to improve regional integration, increase trade and stimulate economic growth.
Other global initiatives for infrastructure development–
- Global Gateway of the European Union: It aims to bridge the gap in global investment around the world.
- Asia-Africa Development Corridor: It is an India-Japan cooperation based vision on development, connectivity and cooperation between Asia and Africa.
The G-7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Source – The Hindu