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What is the News?
The US President, along with the heads of other G7 member states has launched the Partnership for Global Infrastructure and Investment(PGII) Initiative.
What is the Partnership for Global Infrastructure and Investment(PGII) Initiative?
It is a $600-billion global infrastructure investment partnership aimed at helping developing countries.
The initiative was first unveiled at the 2021 G7 summit in Britain, UK. At that time, it was called the Build Back Better Initiative.
The initiative will help developing countries make improvements in four core areas: 1) Healthcare, 2) Digital connectivity, 3) Gender equality and equity and 4) Climate and energy security.
The initiative has been viewed as a counter to China’s Belt and Road Initiative (BRI) which critics have termed a ‘debt trap’.
|Read more: B3W – An alternative to China’s Belt and Road Initiative|
How will this initiative benefit India?
The initiative could benefit developing countries particularly India by offering finance for decarbonisation efforts.
Indian entrepreneurs and companies working to increase food security and improve the rural economy also stand to benefit from this global infrastructure investment partnership.
Source: The post is based on the article “G7 leaders unveil $600 billion plan to rival China’s Belt and Road Initiative in developing nations” published in The Hindu on 27th June 2022