Partnership for Global Infrastructure and Investment

The G7 group on June 26 announced a new Initiative by raising $600 billion for global infrastructure programmes in poor countries.

Key highlights

• The Partnership for Global Infrastructure and Investment, unveiled by U.S. President Joe Biden and G7 allies from Canada, Germany, Italy, Japan and the European Union, aims to fill a huge gap left as communist China uses its economic clout to stretch diplomatic tentacles into the furthest reaches of the world.

• Mr. Biden said the target was for the U.S. to bring $200 billion to the table, with the rest of the G7 another $400 billion by 2027.

• Unlike China’s state-run BRI initiative, the proposed G7 funding would depend largely on private companies being willing to commit to massive investments and is therefore not guaranteed.

• “This isn’t aid or charity. It’s an investment that will deliver returns for everyone, including the American people and the people of all our nations.” Biden said.

• The announcement is an official launch and a rebranding of what had been rolled out last year at the G7 in the UK as “Build Back Better World.”

• The 48th G7 summit is being held from 26 to 28 June 2022 in Schloss Elmau, Krün, Bavarian Alps, Germany.

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