California Construction News staff writer
At the 2021 G7 Summit, President Biden and G7 leaders announced their intent to develop a partnership to meet the enormous infrastructure needs of low- and middle-income countries.
Leaders will formally launch the Partnership for Global Infrastructure (PGII) to provide hundreds of billions of dollars for quality, sustainable infrastructure that makes a difference in people’s lives around the world, strengthens and diversifies supply chains, creates new opportunities for American workers and businesses, and advances national security.
The U.S. will commit $200 billion for PGII over the next five years through grants, Federal financing, and leveraging private sector investments.
“Together with G7 partners, we aim to mobilize $600 billion by 2027 in global infrastructure investments,” the White House said in a statement. “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.”
President Biden will release a Presidential Memorandum to execute the PGII across four priority pillars:
- Tackling the climate crisis and bolstering global energy security through investments in climate resilient infrastructure, transformational energy technologies, and developing clean energy supply chains across the full integrated lifecycle, from the responsible mining of metals and critical minerals; to low-emissions transportation and hard infrastructure; to investing in new global refining, processing, and battery manufacturing sites.
- Developing, expanding, and deploying secure information and communications technology (ICT) networks and infrastructure to power economic growth and facilitate open digital societies.
- Advancing gender equality and equity—from care infrastructure that increases opportunities for economic participation by women, to improved water and sanitation infrastructure.
- Developing and upgrading the infrastructure of health systems and contributing to global health security through investments in patient-centered health services and the health workforce; vaccine and other essential medical product manufacturing; and disease surveillance and early warning systems.