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:
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