Washington: Leaders of the Group of Seven will launch a new partnership aiming to attract USD 600 billion for infrastructure programme, the White House said in a statement on Sunday.
“At the G7 Leaders’ Summit in Schloss Elmau, Leaders will formally launch the Partnership for Global Infrastructure (PGII) to mobilize hundreds of billions of dollars and deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies our supply chains, creates new opportunities for American workers and businesses, and advances our national security,” the statement read. It added that the partnership will mobilize investments toward diversifying global supply chains and making infrastructure sustainable.
“Together with G7 partners, we aim to mobilize USD 600 billion by 2027 in global infrastructure investments. And this will only be the beginning.”
“The United States and its G7 partners will seek to mobilize additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more,” the White House added.
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, advancing gender equality and equity, developing, expanding, and deploying secure information and communications technology (ICT) networks, and developing and upgrading the infrastructure of health systems.
The US Government with U.S. firm NuScale Power LLC (Tigard, OR) will provide USD 14 million in support for the Front-End Engineering and Design study for Romania’s deployment of a first-of-its-kind small modular reactor (SMR) plant.
The US Agency for International Development (USAID) will aim to commit up to USD 50 million over five years to the World Bank’s new global Childcare Incentive Fund, a USD 200 million public-private partnership to address the gap in suitable childcare infrastructure; boost women’s employment opportunities, productivity and income, and broader economic growth; and promote human capital and early learning for children.
DFC will invest up to USD 25 million in the Uhuru Growth Fund I-A, which will provide needed growth capital to small and medium-sized enterprises in West Africa – including women-led businesses.
The Digital Invest program will leverage USD 3.45 million in State and USAID funding to mobilize up to USD 335 million in investment capital for internet service providers and financial technology companies in Africa, Asia, and Latin America that use secure network equipment and advance competition and choice in emerging markets.
USAID will invest USD 40 million in Southeast Asia’s Smart Power Program to decarbonize and strengthen the region’s power system by increasing regional energy trade, accelerating the deployment of clean energy technologies, and actively engaging private sector leaders and key development partners in shared priorities.
DFC will invest up to USD 30 million in Omnivore Agritech and Climate Sustainability Fund 3, an impact venture capital fund that invests in entrepreneurs building the future of agriculture, food systems, climate, and the rural economy in India.
ABD group (Philadelphia, PA), a project development company, was awarded a USD 320 million healthcare infrastructure project to renovate or construct over 100 hospitals and clinics across Cote d’Ivoire and has already begun work on 10 locations, the White House statement read.
The G7 Summit is scheduled to be held on June 26-28 this year, at Schloss Elmau, a castle resort in the Bavarian Alps in southern Germany.
The G7 comprises Germany, France, Britain, Italy, Japan, the United States and Canada.
During the summit, the G-7 leaders will hold discussions on the global issues including the G-7’s unwavering support for a democratic, sovereign, and prosperous Ukraine, economic and democratic resilience, tackling the climate crisis, development infrastructure, global health security, and the food and energy crisis caused by Russia’s war of aggression.
