G7 leaders launch $600 bn plan for global infrastructure development

The US aims to mobilise $200 billion for PGII over the next 5 years through grants, Federal financing, and leveraging private sector investments, the White House said in a statement.

The United States and its G7 partners will seek to mobilise additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more.

At the 2021 G7 Summit, American President Joe Biden and G7 leaders has announced their intent to develop a values-driven, high-impact and transparent infrastructure partnership to meet the enormous infrastructure needs of low- and middle-income countries and support the US’ and its allies’ economic and national security interests.

President Biden will release a Presidential Memorandum to execute the PGII across four priority pillars that will define the second half of the 21st century. This includes tackling the climate crisis and bolstering global energy security through investments in climate resilient infrastructure, transformational energy technologies, and developing clean energy supply chains across the full integrated lifecycle; developing, expanding and deploying secure information and communications technology (ICT) networks and infrastructure to power economic growth and facilitate open digital societies; advancing gender equality and equity in order to boost the global economic recovery; and developing and upgrading the infrastructure of health systems and contributing to global health security.

Fibre2Fashion News Desk (KD)