Why in news? PM Narendra Modi and the President of USA,. Joe Biden co-chaired a Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC), held on the sidelines of the G20 Summit in New Delhi.
- India and Saudi Arabia joined the European Union and the U.S. to launch the Partnership for Global Infrastructure and Investment (PGII) and the India-Middle East-Europe Economic Corridor.
Partnership for Global Infrastructure and Investment
Purpose – Fund infrastructure projects in developing nations
- It is a collaborative effort by Group of Seven(G-7) to fund infrastructure projects in developing nations
- It is based on the trust principles of the Blue Dot Network.
- It is considered to be the bloc’s counter to China’s Belt and Road Initiative and a key component of the “Biden Doctrine”.
- Repackaged version of the Build Back Better World (B3W) initiative
About India-Middle East-Europe Economic Corridor (IMEC)
- It is a planned economic corridor aims to bolster economic development by fostering connectivity and economic integration between Asia, the Arabian Gulf, and Europe.
- On 10 September 2023, the MoU was unveiled during the 2023 G20 New Delhi summit by the Governments of India, the United States, the UAE, Saudi Arabia, France, Germany, Italy; and the European Union.