Partnership for Global Infrastructure and Investment

PGII is a rebranding of the former Build Back Better World initiative. The re-brand followed difficulties in implementing the Biden administration's similarly named domestic legislative agenda.

As of early 2024, few details of the initiative had been announced.

History

The partnership plan was announced for the first time in June 2022 during the 48th G7 summit in Germany. According to an article by Center for Strategic and International Studies, PGII is the repackaged version of the Build Back Better World (B3W) initiative which President Biden announced at the 47th G7 summit in the United Kingdom.

Blue Dot Network

The Blue Dot Network (BDN) is a multi-stakeholder initiative formed by the United States, Japan, and Australia to provide assessment and certification of infrastructure development projects worldwide on measures of financial transparency, environmental sustainability, and impact on economic development, with the goal of mobilizing private capital to invest abroad. It was initially led by the U.S. International Development Finance Corporation (DFC), Japan Bank for International Cooperation, and Department of Foreign Affairs and Trade of Australia.

On 4 November 2019, U.S Under Secretary of State Keith Krach formally launched the Blue Dot Network with his Australia and Japan counterparts with access to $60 billion of capital from the DFC at the Indo-Pacific Business Forum. Krach made three major related announcements in energy, infrastructure and digital initiatives which consisted of a new multilateral infrastructure initiative unveiled by the U.S., the signing of a $10 billion agreement strengthening the Japan-U.S. Strategic Energy Partnership; and the plan to spur digitally driven economic growth economic in the Indo-Pacific. In all three economic pillars, Under Secretary Krach engaged in US-ASEAN Business Council and U.S. Chamber of Commerce by implementing advanced U.S. efforts in establishing a set of global trust standards.

On 29 January 2020, Blue Dot Network's steering committee held its first meeting in Washington with the US, Australia and Japan. Under Secretary Krach committed $2 million of U.S. State Department seed money for the steering committee and issued a public invitation to all other G7 members to come on board.

On 25 February 2020, the Blue Dot Network was incorporated into the India-U.S. Comprehensive Global Strategic Partnership Joint Statement.

On 20 November 2020, Taiwan joined the Blue Dot Network with the signing of the U.S.-Taiwan Economic Prosperity Partnership (EPP) between Taiwan Minister John Deng and Under Secretary of State Keith Krach at the EPP Dialogue's inaugural meeting in Washington.

On 19 October 2020, on behalf of the Twelve Three Seas nations, President Kersti Kaljulaid endorsed the Blue Dot Network and the Clean Network at the Three Seas Summit in Tallinn, Estonia. U.S. Under Secretary of State Krach committed a $1 billion investment with the initial investment of $300 million in trusted clean infrastructure, as described in the Blue Dot standards for roads, bridges, railways, 5G, ports, and energy projects in the Three Seas region between the Baltic, Adriatic, and Black seas. The goal is to stimulate investments by each member country.

On 14 January 2021, Georgia adopted the Blue Dot Network as part of joining the Clean Network Alliance of Democracies at the signing ceremony between Georgian Minister of Economy and Sustainable Development Natia Turnava and US Under Secretary of State Keith Krach.

On 7 June 2021, the OECD committed to supporting the Blue Dot Network at a meeting of the Executive Consultation Group in Paris, France.

Build Back Better World

On 12 June 2021, the Group of Seven (G7) announced the adoption of the Build Back Better World (B3W) initiative built off the progress and principles of the Blue Dot Network to counter China's BRI to address the $40 trillion worth of infrastructure needed by developing countries by 2035. The initiative aims to catalyze funding for quality infrastructure in low- and middle-income countries from the private sector and will encourage private-sector investments that support "climate, health and health security, digital technology, and gender equity and equality." The B3W efforts were in line with the standards and principles of the Blue Dot Network (BDN), relating to the environment and climate, labor and social safeguards, financing, construction, anticorruption, and other areas.

B3W was not ultimately detailed beyond the program's general goals. Following legislative difficulties in implementing the Build Back Better domestic agenda, on 26 June 2022, at the 48th G7 summit, the initiative was re-branded as the Partnership for Global Infrastructure and Investment.

G7 2023 Hiroshima Summit

On 20 May 2023 on occasion of 49th G7 summit, a side event of Partnership for Global Infrastructure and Investment (PGII) was held. Three documents including "Factsheet on the G7 Partnership for Global Infrastructure and Investment" were issued.

As of at least early 2024, most of the details of the PGII had not yet emerged.

G7 2024 Apulia Summit

At the end of the 50th G7 summit, the partners reiterated their commitment to the PGII, with a goal of $600 billion in private investment by 2027.