CrackitToday App

Partnership For Global Infrastructure And Investment (PGII)

Partnership For Global Infrastructure And Investment (PGII):

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.

  • 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.