G7 Partnership for Global Infrastructure and Investment Side Event Co-Chair Statement

G7 Partnership for Global Infrastructure and Investment Side Event Co-Chair Statement | The White HouseSkip to contentThe White HouseThe White House The White House Home AdministrationPrioritiesThe RecordBriefing RoomEspañol InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement MenuCloseTo search this site, enter a search termSearchMobile Menu OverlayAdministrationShow submenu for “Administration””President Joe BidenVice President Kamala HarrisFirst Lady Dr. Jill BidenSecond Gentleman Douglas EmhoffThe CabinetExecutive OfficesShow submenu for “Executive Offices””Council of Economic AdvisersCouncil on Environmental QualityDomestic Policy CouncilGender Policy CouncilNational Economic CouncilNational Security CouncilNational Space CouncilOffice of Intergovernmental AffairsOffice of Management and BudgetOffice of the National Cyber DirectorOffice of National Drug Control PolicyOffice of Public EngagementOffice of Science and Technology PolicyOffice of the United States Trade RepresentativeClimate Policy OfficePresidential Personnel OfficePrioritiesBriefing RoomThe White HouseShow submenu for “The White House””PresidentsFirst FamiliesThe GroundsOur GovernmentGet InvolvedShow submenu for “Get Involved””Write or Call The White HouseJoin UsWhite House FellowsWhite House Internship ProgramThe RecordDisclosuresEspañol Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window The White House 1600 Pennsylvania Ave NW Washington, DC 20500 To search this site, enter a search termSearchJune 13, 2024 G7 Partnership for Global Infrastructure and Investment Side Event Co-Chair Statement Home Briefing Room Statements and Releases The President of the Council of Ministers of Italy and G7 President, Giorgia Meloni, and the President of the United States, Joseph R. Biden, met with the other Leaders of the G7 and Italian and U.S. private sector representing the financial, energy and digital/technology sectors on the sidelines of the 2024 G7 Leaders’ Summit on June 13th, in Borgo Egnazia, Italy.The Italian and U.S. co-chairs welcomed Italy’s Mattei Plan for Africa (MPA) and its links with the Partnership for Global Infrastructure and Investment (PGII). As a G7 we agreed to support flagship projects to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, Luzon Corridor, the Middle Corridor, and the India – Middle East – Europe Economic Corridor, also building on the EU Global Gateway and other relevant initiatives.In support of the G7’s Partnership for Global Infrastructure and Investment (PGII) topline goal of mobilizing $600 billion in infrastructure investment in emerging economies, a coalition of U.S. investors highlighted and committed anew billions of dollars in private investment in scaled infrastructure in emerging markets, aligned with PGII priorities. The Italian Private Sector highlighted its investments in the framework of the PGII and the Mattei Plan for Africa. In the context of this engagement, the Mattei Plan for Africa has launched new financial instruments in collaboration with the African Development Bank, open to international partners’ contributions. The meeting confirmed the commitment to launching and scaling investments around PGII economic corridors globally, including corridors in Asia, Africa, and one connecting Europe to Asia through the Middle East, noting appreciation for the wide range of current and future investment by private companies in strategic sectors, such as finance for green energy and digitalization.Today, Italy joined U.S. and EU efforts to promote sustainable development along the Lobito Corridor – committing to strengthen collaboration and mobilize an additional aggregate contribution of up to $320 million in investment in support of the core rail infrastructure and of the related side projects, with a view to additionally creating synergies with AGIA (Alliance for Green Infrastructure in Africa).The Co-chairs welcomed Italy’s renewed commitment to boost development in Africa including by deepening partnerships with African Nations through its Mattei Plan for Africa (MPA), and stressed their commitment to increase coordination between PGII, MPA and the EU’s Global Gateway, to maximize our collective impact as we work to develop transformative economic corridors in Africa.The Co-chairs welcomed the Africa Green Industrialization Initiative (AGII) as a key platform for collaboration on infrastructure investment in Africa and celebrated the Global Energy Alliance for People and Planet (GEAPP) commitment of up to $100 million in philanthropic catalytic investment capital to unlock an additional $1 billion in private finance. The participants also recognized GEAPP as one of the key partners in implementing distributed renewable energy generation, battery storage, and e-mobility projects.Italy and the United States are further collaborating on clean energy, sustainable agriculture, and e-mobility projects, starting with potential projects in Kenya.Lastly, Leaders welcomed Italy’s G7 Presidency’s efforts to promote effective implementation of PGII and enhance investment coordination with partners through the establishment of a new Secretariat.### Next Post: FACT SHEET: Partnership for Global Infrastructure and Investment at the G7 Summit FACT SHEET: Partnership for Global Infrastructure and Investment at the G7 Summit June 13, 2024 •Statements and Releases Next Post Stay ConnectedSign UpEmail Address* RequiredZIP CodePlease leave blank.We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better. 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