G7 Leaders Launch Partnership For Global Infrastructure And Investment

G7 Leaders Launch Partnership For Global Infrastructure And Investment

July 4, 2022

At the 2021 G7 Summit, leaders have launched the Partnership for Global Infrastructure and Investment.

The Partnership will deliver game-changing projects to close the infrastructure gap in low- and middle-income countries, strengthen the global economy and supply chains, and advance the United States’ and its allies’ economic and national security interests.

At the opening day of the G7 Leaders’ Summit in Schloss Elmau, President Joe Biden announced that the U.S. 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, the U.S. Government aims to mobilize $600 billion by 2027 in global infrastructure investments.

Biden released a Presidential Memorandum to execute the PGII across four priority pillars that will define the second half of the 21st century.

He announced a number od flagship projects of PGII.

With support from the U.S. Department of Commerce and the Export-Import Bank of the United States (EXIM), U.S. firm AfricaGlobal Schaffer, in collaboration with U.S. project developer Sun Africa (Miami, FL), signed a contract with the Government of Angola to develop a $2 billion solar project in four southern Angola provinces.

In collaboration with G7 members as well as the European Union and multilateral organizations, the U.S. International Development Finance Corporation (DFC) is disbursing a $3.3 million technical assistance grant to Institut Pasteur de Dakar (IPD) for early-stage project development for an industrial-scale flexible multi-vaccine manufacturing facility in Senegal.

U.S. telecommunications company SubCom (Eatontown, NJ) awarded a $600 million contract to build the Southeast Asia-Middle East-Western Europe 6 submarine telecommunications cable that will connect Singapore to France through Egypt and the Horn of Africa.

The U.S. Government with U.S. firm NuScale Power LLC will provide $14 million in support for the Front-End Engineering and Design study for Romania’s deployment of a small modular reactor (SMR) plant.

The U.S. Agency for International Development (USAID) will commit up to $50 million over five years to the World Bank’s new global Childcare Incentive Fund

USAID will invest $40 million in the Southeast Asia’s Smart Power Program to decarbonize and strengthen the region’s power system.

DFC will invest up to $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.

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