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Partnership for Global Infrastructure (PGII) is an initiative of______
A)
G7
B)
SAARC
C)
BRICS
D)
BIMSTEC

Correct Answer : Option (A) - G7


US President Joe Biden, along with the heads of other G7 member states, formally launched a $600-billion global infrastructure investment partnership Sunday(27th June 2022) aimed at helping developing countries like India. 
 
* The Partnership for Global Infrastructure and Investment (PGII) was first unveiled by the G7 leadership last June as a plan to aid lower and middle-income countries in building better infrastructure.
 
* Since it was first announced, the PGII has been viewed as a counter to China’s Belt and Road Initiative (BRI), which critics have termed a ‘debt trap’ not just for its allies but for Beijing itself.
 
* Moreover, the PGII could benefit developing countries, and 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.
 
* Announcing the official launch of the PGII, Biden said at the G7 Leaders’ Summit in Germany Sunday(27th June 2022): “We collectively have dozens of projects already underway around the globe”.
 
* Addressing the G7 Summit 2022, which is taking place at Schloss Elmau in Germany from 26 to 28 June, Biden said the US aims to mobilise $200 billion over the next five years to fund the PGII. The European Union (EU), too, had in December last year declared its aim to mobilise €300 billion in investments for the PGII by 2027.

Source : The Print

Published On : June 27, 2022
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