- G7’s flagship infrastructure initiative.
- Formally launched – 26 June 2022.
- G7 Summit – Schloss Elmau Castle, Bavarian Alps.
- Launch at the 2022 G7 Hiroshima Summit.
- Collective aim – to mobilize USD600 Billion by 2027.
- US – aims to mobilize USD200 Billion of it.
- EU’s Global Gateway Programme – to play important role in the PGII initiative.
- To help low- and middle-income countries.
- To finance high quality infrastructure.
- By – G7 countries, the World Bank, and the Private Sector.
- Like Citi, Global Infrastructure Partners, and Japan Foreign Trade Council.
PGII’s Priority Areas for Investment
- Climate and energy security
- Sustainable health systems
- Gender equality and equity
- Supply chain resilience
- Connectivity through digital infrastructure and transport networks
EU’s Global Gateway Programme
- USD300 Billion investment activation.
- Period – 2021 to 2027.
- 90+ projects – Africa, Latin America and the Caribbean, Asia and the Pacific, and in the Western Balkans.
- 50% of the investment – for Africa.
- To develop critical connectivity projects.