G7 targets $600 billion global infrastructure program: White House

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Washington: Group of Seven leaders will launch a new partnership aimed at attracting $600 billion for an infrastructure program, the White House said in a statement on Sunday.

“At the G7 Leaders Summit at Schloss Elmau, leaders will formally launch the Global Infrastructure Partnership (GIIP) to mobilize hundreds of billions of dollars and deliver quality, sustainable infrastructure that makes a difference to lives. people around the world, strengthen and diversify our supply chains, create new opportunities for American workers and businesses, and advance our national security,” the statement said. He added that the partnership will mobilize investments to diversify global supply chains and make infrastructure sustainable.

“With G7 partners, we aim to mobilize $600 billion by 2027 in global infrastructure investment. And that will only be the beginning.”

“The United States and its G7 partners will seek to raise additional capital from other like-minded partners, multilateral development banks, development finance institutions, sovereign wealth funds, etc.” White House.

President Biden will issue a presidential memorandum to execute PGII on four priority pillars that will define the second half of the 21st century.

This includes tackling the climate crisis, promoting gender equality and equity, developing, expanding and deploying secure information and communication technology (ICT) networks, and the development and modernization of health systems infrastructure.

The U.S. government and U.S.-based NuScale Power LLC (Tigard, OR) will provide $14 million to support the initial engineering and design study for the deployment in Romania of a Small Modular Reactor (SMR) power plant ) one of a kind.

The U.S. Agency for International Development (USAID) will aim to commit up to $50 million over five years to the World Bank’s new Global Child Care Incentive Fund, a $200 public-private partnership. millions of dollars to close the gap in adequate childcare infrastructure; stimulate women’s employment opportunities, productivity and incomes, as well as broader economic growth; and promote human capital and early learning for children.

DFC will invest up to $25 million in the Uhuru Growth Fund IA, which will provide needed growth capital for small and medium enterprises in West Africa, including women-led businesses.

The Digital Invest program will leverage $3.45 million in state and USAID funding to raise up to $335 million in investment capital for Internet Service Providers and FinTech companies in Africa , Asia and Latin America that use secure network equipment and advance competition and choice. in emerging markets.

USAID will invest $40 million in the Southeast Asia Smart Power Program to decarbonize and strengthen the region’s power system by increasing regional energy trade, accelerating the deployment of clean energy technologies and actively engaging private sector leaders and key development partners on shared priorities.

DFC will invest up to $30 million in Omnivore Agritech and Climate Sustainability Fund 3, an impact venture capital fund that invests in entrepreneurs who are building the future of agriculture, food systems, climate and sustainability. rural economy in India.

ABD Group (Philadelphia, PA), a project development company, has been awarded a $320 million healthcare infrastructure project to renovate or build more than 100 hospitals and clinics across the Coast. ‘Ivoire and has already begun work on 10 sites, according to the White House statement. .

The G7 Summit is due to be held June 26-28 this year, at Schloss Elmau, a resort town in the Bavarian Alps in southern Germany.

The G7 includes Germany, France, Great Britain, Italy, Japan, the United States and Canada.

During the summit, G-7 leaders will discuss global issues including the G-7’s unwavering support for a democratic, sovereign and prosperous Ukraine, economic and democratic resilience, tackling the climate crisis, development infrastructure , global health security, and the food and energy crisis caused by Russia’s war of aggression.


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