Partnership for Global Infrastructure and Investment

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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.

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.

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.

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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