G7 Co-Chair Statement on Global Infrastructure Partnership Event

Giorgia Meloni and Joseph R. Biden: Leaders Discuss G7 and Private Sectors

The G7 President, Giorgia Meloni, and the U.S. President, Joseph R. Biden, convened with G7 Leaders and representatives from the Italian and U.S. financial, energy, and digital/technology private sectors during the 2024 G7 Leaders’ Summit in Borgo Egnazia, Italy.

Support for the Mattei Plan for Africa and the PGII

Both Italian and U.S. leaders endorsed Italy's Mattei Plan for Africa (MPA) and its connection to the Partnership for Global Infrastructure and Investment (PGII). The G7 pledged to back key projects to foster transformative economic corridors for high-quality infrastructure and investment, focusing on the Lobito Corridor, Luzon Corridor, the Middle Corridor, and the India–Middle East–Europe Economic Corridor. This support builds on the EU Global Gateway and other relevant initiatives.

Private Investments in Emerging Economies

Aiding the PGII's primary objective of mobilizing $600 billion in infrastructure investment in emerging markets, a coalition of U.S. investors committed billion-dollar investments for scaled infrastructure. The Italian Private Sector shared its PGII and MPA aligned investments. Furthermore, the MPA introduced new financial tools in association with the African Development Bank, inviting international partners to contribute. The meeting confirmed plans to increase investments in PGII economic corridors worldwide, including strategic sectors such as green energy finance and digitalization.

Italy Joins U.S. and EU Eforts for Sustainable Development

Italy pledged its commitment to sustainable development along the Lobito Corridor, promising to enhance collaboration and mobilize up to $320 million in support of the core rail infrastructure. The goal is to create synergies with AGIA (Alliance for Green Infrastructure in Africa).

Boosting Development in Africa

Italy's commitment to foster Africa's development was celebrated, specifically through the Mattei Plan for Africa. There was a strong commitment to enhance coordination between the PGII, MPA, and the EU’s Global Gateway to maximize collective impact for the development of transformative economic corridors in Africa.

Collaboration on Infrastructure Investment in Africa

The Africa Green Industrialization Initiative (AGII) was recognized as a key collaborative platform for infrastructure investment in Africa. The Global Energy Alliance for People and Planet (GEAPP) pledged up to $100 million in philanthropic capital to facilitate an additional $1 billion in private finance. GEAPP was also identified as a key partner in implementing renewable energy generation, battery storage, and e-mobility projects. Italy and the U.S. plan to further collaborate on clean energy, sustainable agriculture, and e-mobility projects.

New Secretariat for Enhanced Investment Coordination

Lastly, leaders commended Italy's G7 Presidency's efforts to effectively implement the PGII and enhance investment coordination by establishing a new Secretariat.