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Partnership for Global Infrastructure and Investment

 

Partnership for Global Infrastructure and Investment PGII UPSC: Relevance

  • GS 2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

 

Partnership for Global Infrastructure and Investment UPSC: Context

  • In the recently held G7 meeting, the member nations formally launched a $600-billion Partnership for Global Infrastructure and Investment to help developing countries like India.

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Partnership for Global Infrastructure and Investment PGII: Key points

  • The Partnership for Global Infrastructure and Investment (PGII) was first unveiled by the G7 leadership in June 2021 to aid lower and middle-income countries in building better infrastructure.
  • Since it was launched, it was touted as a counter to China’s Belt and Road Initiative (BRI).
  • PGII could benefit developing countries by offering finance for decarbonisation efforts.
  • Indian entrepreneurs and companies working to increase food security and improve the rural economy will also be benefitted from this global initiative.
  • Objective: To help developing countries make improvements in four core areas: healthcare, digital connectivity, gender equality and equity, and climate and energy security.

 

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Partnership for Global Infrastructure and Investment: Focus areas

  • G7 member states plan to invest in industrial-scale vaccine manufacturing facilities in the developing world to prevent and manage future pandemics.
  • To secure digital network equipment for Africa, Asia and Latin America for digital connectivity.
  • In the area of gender equality and equity, the partnership proposes to make childcare more accessible in the developing world.
  • To help developing countries move away from coal. With the twin objectives of increasing regional energy trade by 5 per cent and deploying more clean energy technologies, the US plans to invest $40 million in South Asia alone.
  • Investments under the PGII would drive job creation in developing countries while also boosting the economies of the G7 countries.
  • Moreover, projects built under the PGII will adhere to transparency and protections for labour and the environment.

 

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