At the June 2022 G7 Leaders’ Summit, President Biden and G7 leaders formally launched the Partnership for Global Infrastructure and Investment (PGII) — a values-driven, high-impact, and transparent infrastructure partnership to meet the enormous infrastructure needs of low- and middle-income countries and support the United States’ and its allies’ economic and national security interests.
PGII will offer a positive alternative to models of infrastructure financing and delivery that are often opaque, fail to uphold environmental and social standards, exploit workers, and leave the recipient countries worse off. The U.S. government’s offer of a credible alternative will be demonstrated via private sector-driven financing centered around priority areas of clean energy supply chains, trusted information and communications technology networks, connective transportation infrastructure such as railroads and ports, and resilient health systems while advancing gender equality and equity; raising labor and environmental standards; and promoting transparency, governance, and anticorruption measures.
At the G7 Summit, President Biden announced that the United States aims to mobilize $200 billion for PGII over the next 5 years through grants, Federal financing, and leveraging private sector investments. Together with G7 partners and programs such as the EU’s Global Gateway and the UK’s British International Investment, PGII aims to mobilize $600 billion by 2027 in global infrastructure investments, including from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, and more.