PARTNERSHIP FOR GLOBAL INFRASTRUCTURE AND INVESTMENT (PGII)

July 4, 2022

On June 26, the G-7 grouping of the world’s “most industrialised nations” — Canada, France, Germany, Italy, the U.K., Japan and the U.S. along with the European Union (EU) — launched a U.S.-led $600 billion Partnership for Global Infrastructure and Investment (PGII) at their summit in Germany’s Schloss Elmau, where India was among five special invitees.

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The initiative was billed as a “values-driven, high-impact, and transparent infrastructure partnership to meet the enormous infrastructure needs of low- and middle-income countries and support the U.S. and its allies’ economic and national security interests.”
Officials also made it clear that the PGII would offer a counter to China’s Belt and Road Initiative (BRI) for projects worldwide that was formally launched five years ago.

Source : The Hindu