Written by: Katie Scott, Business Reporter
An initiative, which will see $600bn in funding raised by members over five years, was announced at the G7 summit. The conference is currently taking place in the Bavarian Alps in Germany. It will fund the launch of infrastructure projects in the developing world. Of the total, $200bn (£162bn) has been promised by the US bringing together grants, federal funds and private investment. The EU will contribute 300bn euros (£257bn).
“The initiative will be geared towards tackling climate change, improving global health, achieving gender equity and building digital infrastructure”, reports BBC News. Projects that are now under consideration include a 1,609 km submarine telecommunications cable connecting Singapore to France via Egypt and the Horn of Africa; and a vaccine manufacturing facility in Senegal.
President Biden said of the Partnership for Global Infrastructure and Investment (PGII) scheme: "I want to be clear. This isn't aid or charity. It's an investment that will deliver returns for everyone."
The scheme was first unveiled at last year’s G7 talks in England, but faltered. It has been reborn with a focus on “tackling climate change, improving global health, achieving gender equity and building digital infrastructure”, adds the BBC.
