PGII becomes a new way to bridge infrastructure and investment gaps, NUSA DUA – On the Sidelines of the High Level Presidential Meeting G20 Indonesia, the Global Infrastructure and Investment Partnership (PGII) meeting was held on Tuesday (11/15) in Bali. PGII is a collaborative effort of G7 members (US, UK, Italy, Japan, Germany, Canada and France) that was first launched in June 2021 at the 47th G7 Summit in the UK. United. PGII has pledged over the next 5 years to invest USD 600 billion in loans and grants for sustainable infrastructure projects for developing countries.

On this occasion, Indonesian President Joko Widodo, US President Joe Biden and European Commission President Ursula Von der Leyen co-hosted a group of leaders from G20 countries including Japan, Germany, South Korea South, Senegal, Canada, Argentina, Great Britain and India. This activity is the right time to show our commitment to accelerating investments in quality infrastructure in poor and middle-income countries around the world and to strengthening Mondial economy. During the meeting, Coordinating Minister of Economy Airlangga Hartarto accompanied President Joko Widodo.

Opening the event, President Biden presented PGII’s progress and impact to date, announced new projects, and provided concrete examples of the role of the United States and its partners in working together to raise capital for development. quality infrastructure and sustainable development.

“The U.S. government has officially announced new PGII projects, including the Just Energy Transition Partnership (JETP) which has mobilized $20 billion in public and private funding for Indonesia, the Indonesia Millennium Challenge Corporation (MCC) Compact which successfully launched $698 million, Trilateral Support for Digital Infrastructure through an Australia-Japan partnership to support digital projects, secure critical mineral supply chains in Brazil, develop the energy in Honduras and investing in India’s health infrastructure,” President Biden said.

In his address, President Joko Widodo, as host of the G20 summit, said Indonesia always supports strengthening infrastructure development in developing countries. The multidimensional crisis the world is currently facing poses its own challenges for infrastructure development in developing countries, including through shrinking fiscal space. The support provided by PGII should be country-focused and based on the real needs of the destination country. In addition, the PGII must also make consultation and dialogue with the beneficiary countries its main guideline.

“Infrastructure development should empower communities and local economies to have a strong sense of belonging, as well as support developing countries to build capacity and self-reliance. Thus, developing countries can be more resilient in the face of global challenges in the future,” said President Joko Widodo.

President Joko Widodo also said on this occasion that PGII’s efforts to support infrastructure development in developing countries must also be based on a collaborative paradigm. PGII was asked to involve more stakeholders, including the private sector, which is seen to bring real benefits. In addition, the PGII must also produce support for sustainable development, in particular through green development and energetic transition.

In the meantime, President Von der Leyen believes that the PGII meeting on the sidelines of the G20 summit in Bali can determine the global economic situation. “We believe that partnerships can be a game-changer for two reasons. First, PGII not only invests large amounts of capital in infrastructure, but also invests in the local capacity of our partners,” said Chairman Von der Leyen. .

Furthermore, on this occasion, the Coordinating Minister of Airlangga played the role of moderator and invited Germany, South Korea, Senegal, Canada, Argentina, Great Britain and India to share their views. In the last session of the activity, President Biden closed the PGII meeting.

Also present, accompanying President Joko Widodo in the activity, were the Minister of Foreign Affairs and the Ambassador of Indonesia to the United States.

Check out other news and articles on Google News

Watch the video below:

quality content

Zera Carpenter

"Typical thinker. Unapologetic alcoholaholic. Internet fanatic. Pop culture advocate. Tv junkie."

Leave a Reply

Your email address will not be published. Required fields are marked *