G7 Leaders Launch the Partnership for Global Infrastructure and Investment (PGII)

Why in the News?

Recently, the G7 leaders launched the Partnership for Global Infrastructure and Investment (PGII).

Background:

G7 was launched in 1975 by former French President Valéry Giscard d’Estaing
The heads of state and government of Germany, France, Great Britain, Italy, Japan and the US — a Group of Six — met for a fireside chat at Rambouillet Castle in France
In 1976, Canada was added to the group, and the first G7 met in Puerto Rico
In 1998, the Group of Eight was constituted as Russia became a member
Russia was removed from the group after its violation of Ukraine’s sovereignty and territorial integrity in 2014

The Partnership for Global Infrastructure and Investment (PGII) was unveiled during the G7 Summit
PGII is being considered as an official launch and a rebranding of the Build Back Better World initiative (rolled out at G7 summit last year)
It aims to mobilise nearly USD 600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people
PGII is set to rival China’s Belt and Road Initiative (BRI) by raising funds for global infrastructure programmes in poor countries
China’s BRI seeks to connect Asia with Africa and Europe via land and maritime networks with the aim of improving regional integration, increasing trade and stimulating economic growth

The G7 is an informal forum of leading industrialised nations
Members: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States
Representatives of the European Union are always present at the annual meeting of the heads of state and government of the G7
Participating organizations: the United Nations, the World Health Organization (WHO), the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank