To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the G7 Communique expressing progress on the Partnership for Global Infrastructure and Investment (PGII), which Minister leads UK policy on the PGII; which role is providing executive day to day leadership of the PGII; how much resource has been committed to the PGII (a) by the UK and (b) in total; and how many projects are in the pipeline for funding through the PGII.
12 July 2022
The Partnership for Global Infrastructure and Investment (PGII) is the G7's commitment to help countries get the investment they need to grow secure, open, thriving economies. Collectively, G7 countries aim to mobilise $600 billion of honest, reliable finance for low and middle-income countries over five years, as announced at the recent Leaders' summit, and are committed to closer co-ordination and communication of initiatives, in close conjunction with the G7 Presidency. The UK's contribution to PGII will be our work through British Investment Partnerships(BIP), as set out in our recently published International Development Strategy. Led by the Foreign Secretary, BIP aims to mobilise up to £8 billion of UK backed financing a year by 2025, including from the private sector. The UK delivers BIP through a range of instruments and tools, including development finance, export finance, concessional finance, guarantees and expertise, and each of these mechanisms has its own pipeline of initiatives, either being implemented or under development.