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  • 2 years ago
Biden: Infrastructure investments in emerging economies a game changer

Leaders of Group of Seven (G7) nations meet on June 13, 2024 with representatives of international organizations to discuss projects developing infrastructure and investment in emerging economies. Partnership for Global Infrastructure and Investment (PGII), a $600 billion initiative by G7 in private and public funds over five years, is to finance much-needed infrastructure in developing countries United States President Joe Biden said, "this is a game changer. That economy is going to have over two billions of people very shortly, and it really is a game changer."

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Transcript
00:00 representatives of the Italian and U.S. private sector.
00:04 The Partnership for Global Infrastructure and Investment is among the strategic projects
00:10 launched within the G7 to support the development and economic growth of the most fragile nations.
00:19 For too long, Africa has been misunderstood and exploited, looked down or from above.
00:27 But Africa is instead a continent that can surprise if put in the conditions to take
00:33 advantage of what is extraordinary about it.
00:38 It is up to us to collaborate with African nations and to build with them new development
00:42 opportunities with a peer-to-peer approach in order to grow together.
00:47 We want to do it not through lectures and documents, but with facts.
00:55 I think we stand at an inflection point in history.
00:57 It occurs every five or six, seven generations.
01:02 And the decisions I think we make now are going to determine the course of our future
01:05 for the next five or six decades.
01:08 And I truly believe the infrastructure we're building and the investments we're making
01:13 through PGI are going to help us set that course in a fundamentally stronger path than
01:18 otherwise would be the case.
01:19 To close, I'm incredibly optimistic about our collective opportunity and I'm looking
01:20 forward to working with you.
01:21 I think this is a game-changer.
01:28 I really do.
01:29 We had a continent that's going to have over two billions of people very shortly, and it
01:35 really is a game-changer.
01:36 All told, I'm proud to announce the United States has mobilized more than $60 billion
01:47 in investments around the world thus far.
01:50 That's double what we were last year.
01:52 Now, we've still got a long way to go to close the infrastructure gap that holds too many
01:58 countries back.
01:59 But together, I think we're showing that democracies can deliver.
02:03 This is an important moment to be able to do that.
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