Partnership for Global Infrastructure, Investment to help developing countries: White House
Nov 15, 2022
Bali [Indonesia], November 16 : The leaders of the US, Indonesia, and the European Union (EU), announced the Partnership for Global Infrastructure and Investment (PGII) at the G20 in Bali on Tuesday.
This was launched to accelerate investment in quality infrastructure in low- and middle-income countries around the world and strengthen the global economy.
"At the 2022 G20 Summit in Bali, Indonesia, President Biden, Indonesian President Widodo, and European Commission President Von der Leyen co-hosted a group of G20 leaders to demonstrate their shared commitment to deepen engagement under the Partnership for Global Infrastructure and Investment (PGII) to accelerate investment in quality infrastructure in low- and middle-income countries around the world and strengthen the global economy," the White House Fact Sheet read.
In line with the G20 theme for 2022, "Recover Together, Recover Stronger," PGII investments aim to create lasting positive impacts for partner countries, strengthen the resilience of communities, and support inclusive, sustainable development, as well as benefit partners' economic security and global supply chains.
On the margins of the Summit, Biden, President Widodo, and President Von der Leyen met with other G20 leaders and ministers from Argentina, Canada, France, Germany, India, Japan, the Republic of Korea, Senegal, and the United Kingdom, to highlight PGII collaboration and support among likeminded partners globally.
"The leaders showcased the ways in which PGII partners are coming together to finance transformative infrastructure and to mobilize the private sector as drivers of quality global infrastructure and investment," the White House Fact Sheet read.
This event comes at the end of a week of additional PGII project announcements by President Biden, including at COP, the ASEAN Summit, and in a bilateral meeting with G20 host, Indonesia.
In his remarks, President Biden delivered an update on PGII's progress and impact to date.
He announced new projects and followed up on several announced in June this year at PGII's G7 formal launch, providing concrete examples of how the United States and its partners are working together to mobilize capital to deliver quality infrastructure and sustainable development.
Quality infrastructure is critical to countries' development outcomes, global supply chains, economic and national security, and the health and well-being of the planet and people around the world.
"That is why at the June G7 Leaders' Summit in Germany, Leaders launched PGII and announced their intention to mobilize USD 600 billion for global infrastructure investments by 2027," another White House statement said.
