Prime Minister Shri Narendra Modi and the President of USA Mr. Joe Biden co-chaired a special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC), on 9 September 2023 on the sidelines of the G20 Summit in New Delhi.
- PGII is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as help towards accelerating progress on SDGs globally.
- It is a collaborative effort by G7 nations to fund infrastructure projects in developing nations.
- It aims to advance public and private investments in sustainable, inclusive, resilient and quality infrastructure.
- Through this partnership, the G7 aims to mobilize up to USD 600 billion by 2027 in order to narrow the infrastructure investment gap in partner countries.
- It was launched in 2022 at the G7 Elmau Summit, Germany.
- The rail and shipping corridor of the India-Middle East-Europe Economic Corridor (IMEC) is part of the Partnership for Global Infrastructure Investment (PGII).
