G7 Summit: Biden, leaders launch $600-billion Partnership for Global Infrastructure and Investment

At the G7 Summit in Schloss Elmau, Germany on Sunday, U.S. President Joe Biden and other nations’ leaders formally launched the Partnership for Global Infrastructure and Investment (PGII) to meet the infrastructure needs of low- and middle-income countries while supporting the economic and national security interests of U.S. and its allies.
Biden announced that together with G7 partners, the initiative aims to collectively mobilize US$600 billion by 2027 in global infrastructure investments. He also added that the U.S. aims to mobilize $200 billion for PGII over the next 5 years through both public and private sources.
“Our nations and our world stand at a genuine inflection point in history,” Biden said. “The choices we make now, in my view, are going to set the direction of the world for several generations to come.”
During the announcement, Canadian Prime Minister Justin Trudeau, European Commission President Ursula von der Leyen, European Council President Charles Michel, Japanese Prime Minister Fumio Kishida and Italian Prime Minister Mario Draghi also spoke about their own region’s contributions and interests.
The leaders first made a commitment to the partnership one year ago at the last G7 summit in Cornwall, U.K. The infrastructure projects will address issues ranging from global health, climate and energy, digital security to gender equality, according to the announcement.