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(THE GIST OF PIB) Partnership for Global Infrastructure and Investment (PGII)

(NOVEMBER-2023)

Recently, the Union Minister for Commerce and Industry participated in the Investor Forum of the Partnership for Global Infrastructure and Investment (PGII) & Indo-Pacific Economic Framework for Prosperity (IPEF).

It is a developmental initiative aimed at narrowing the infrastructure gap in developing countries as well as helping to accelerate progress on SDGs globally.
The infrastructure plan was first announced in June 2021 during the G7 Summit in the UK.
Funding: It aims to build projects through grants and investments.
The emphasis of the PGII is on building human infrastructure in the developing world and improving the quality of education and health care facilities.

It is an intergovernmental organisationof leading industrialised nations formed in 1975.
Member countries:Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
It meets annually to discuss issues such as global economic governance, international security, and energy policy.
The host of the G7 summit, also known as the presidency, rotates annually among member countries.
It was formerly referred to as the G-8 until Russia was suspended from the group in 2014 after annexing Crimea.