Partnership for Global Infrastructure and Investment

Partnership for Global Infrastructure and Investment

Recently, Prime Minister Shri Narendra Modi and US President Shri Joe Biden chaired the ‘Partnership for Global Infrastructure and Investment (PGII)’ on the sidelines of the G-20 Summit in New Delhi.

PGII is a development initiative that aims to help address infrastructure deficiencies in developing countries as well as accelerate progress on the Sustainable Development Goals globally. It is a collaborative effort of the G7 countries to fund infrastructure projects in developing countries.

It aims to advance public and private investment in sustainable, inclusive, resilience and quality infrastructure. Through this partnership, the G7 aims to mobilize up to US$600 billion by 2027 to address the infrastructure investment gap in partner countries.

PGII was announced during the G-7 summit held in the United Kingdom in 2021. Another project announced under PGII is the Trans-African Corridor. It will connect Angola’s Lobito port to Congo’s Katanga province and the Copper Belt in Zambia.

The rail and shipping corridor of the India-Middle East-Europe Economic Corridor (IMEI-EC) is part of the Partnership for Global Infrastructure Investment (PGII). PGII is being seen as a response to China’s Belt and Road Initiative (BRI).

Belt and Road Initiative (BRI):

  • China launched the Belt and Road Initiative in 2013 under the leadership of President Xi Jinping.
  • Its aim is to revive ancient trade routes from China to East Asia via Rome in Europe.
  • Many countries participating in BRI have become trapped in China’s debt trap diplomacy. Italy, for example, is now planning to exit the initiative.
  • Territorial disputes: The BRI includes the China–Pakistan Economic Corridor, which connects China’s Kashgar to Pakistan’s Gwadar port through Pakistan-occupied Kashmir.
  • It is noteworthy that the G7’s PGII initiative aims to provide a more transparent and sustainable option to the BRI.

Source – Indian Express

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