The G7 nations have pledged support to specific infrastructure projects like the India-Middle East-Europe Economic Corridor (IMEC) in their joint statement released after the end of their three-day summit in Italy.
- Key projects include coordinating and financing efforts for corridors like the Lobito, Luzon, Middle and India-Middle East-Europe.
- They also plan to build upon existing initiatives like the EU Global Gateway, the African Union’s Great Green Wall and Italy’s Mattei Plan for Africa.
- The leaders supported to further promote concrete G7 Partnership for Global Infrastructure and Investment (PGII) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment.
- These includes deepening of coordination and financing for the Lobito Corridor (Africa), the Luzon Corridor (Philippines), the Middle Corridor and the India-Middle East-Europe Economic Corridor.
Partnership for Global Infrastructure and Investment (PGII) initiatives
- Recently, the G7 leaders supported to further promote concrete G7 Partnership for Global Infrastructure and Investment (PGII) initiatives.
- PGII plan was first announced in June 2021 during the G7 (or Group of Seven) summit in the UK.
- In 2022, during the G7 summit in Germany, the PGII was officially launched as a joint initiative to help fund infrastructure projects in developing countries through public and private investments.
- The India – Middle East – Europe Economic Corridor (IMEC) is part of the Partnership for Global Infrastructure Investment (PGII).
Great Green Wall initiative
- Launched in 2007 by the African Union, the game-changing African-led Great Green Wall initiative aims to restore the continent’s degraded landscapes and transform millions of lives in the Sahel.
EU’s Global Gateway
- The European Commission and the EU High Representative have set out the Global Gateway, a new European strategy to boost smart, clean and secure links in digital, energy and transport sectors and to strengthen health, education and research systems across the world.
