The U.S. and its partners in the G7 alliance embarked on a new initiative to raise $600 billion in public and private sector financing for infrastructure projects through 2027.
President Joe Biden plans to issue a memorandum for the federal government to help carry out the Partnership for Global Infrastructure within the pillars of climate resilience, information and communications technology, health care and gender equality and equity, the White House said Sunday.
Under PGII, the Biden administration will aim to pledge as much as $200 billion to help developing and middle-income countries build physical systems while diversifying supply chains and opening new business and job opportunities for the U.S. and accelerating national security programs.
The federal government has worked with multiple companies to implement projects over the past year, including a collaborative effort involving the Export-Import Bank of the U.S., the Department of Commerce, AfricaGlobal Schaffer and Sun Africa to create a solar mini-grid infrastructure in Angola.
G7 members are looking to secure additional capital from various sources such as multilateral development banks, sovereign wealth funds and development finance institutions, the White House noted.