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Statement by Secretary Yellen on President Biden’s Announcement of the Partnership for Global Infrastructure and Investment

WASHINGTON – Today, at the G7 Leaders’ Summit in Germany, President Biden and fellow G7 Leaders formally launched the Partnership for Global Infrastructure and Investment (PGII), a values-driven, high-standard, and transparent partnership to meet the enormous infrastructure needs of low- and middle-income countries without trapping them in cycles of debt.  PGII will mobilize billions of dollars of investment and support for policy and technical assistance toward four priority areas: climate and energy security, digital connectivity, health systems and health security, and gender equality and equity.

“Thanks to President Biden’s leadership, the Partnership for Global Infrastructure and Investment will step up support to partner countries and deliver quality, sustainable infrastructure that makes a difference in people’s lives around the world and strengthens and diversifies supply chains,” said Secretary of the Treasury Janet L. Yellen.  “The Treasury Department will continue leading engagement with the multilateral development banks to increase investment in PGII’s four priority areas.  This announcement demonstrates the power of working with allies and partners to meet the challenges facing our world, and it will benefit American workers and businesses by making the global economy stronger and more resilient to global energy and supply chain shocks that drive higher prices.”

Secretary Yellen and the Treasury Department have played an integral role in the development and implementation of PGII.  This spring, Secretary Yellen brought together the presidents of the multilateral development banks (MDBs)—including the World Bank, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and the Inter-American Development Bank—and fellow G7 shareholders of the MDBs, to affirm our commitment to quality infrastructure investment.  The Treasury Department has been a leading voice in advancing the adoption of Quality Infrastructure Investment (QII) principles by countries around the world to enable ourselves and our partners to deliver on PGII’s commitment to quality.  Infrastructure investment that adheres to QII principles will deliver value for money, sustainability, resilience, social inclusion, and sound governance, providing a valuable alternative to low-quality, exploitative infrastructure development.

Treasury is also supporting PGII through the development of Just Energy Transition Partnerships (JETPs), multilateral initiatives designed to accelerate the low-carbon energy transition in high-emitting emerging market countries.  The South Africa JETP, announced last year at COP26, supports South Africa’s climate commitments, estimated to result in over a gigaton of emissions reduction over the next 20 years.  The JETP model is emblematic of the PGII’s and Treasury’s commitments to transformative projects, ambitious emissions reductions, innovative financing strategies, and multilateral cooperation.

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