Explanation: What is the PGII Initiative?

• It is a US$ 600 billion global infrastructure investment partnership aimed at helping developing countries;
• The initiative was first unveiled at the 2021 G7 summit in Britain, UK. At that time, it was called the Build Back Better Initiative;
• The initiative will help developing countries make improvements in four core areas:
  • Healthcare;
  • Digital connectivity;
  • Gender equality and equity;
  • Climate and energy security;
• The initiative has been viewed as a counter to China’s Belt and Road Initiative (BRI) which critics have termed a ‘debt trap’.

Source: EPIC July 2022