Welcome, colleagues, friends, and representatives of the Italian and US private sector!
The Partnership for Global Infrastructure and Investment (PGII) is a strategic project launched within the G7 framework to support the development and economic growth of vulnerable nations, especially in Africa and Asia.
Two years ago, the PGII initiative was introduced, and it immediately resonated with us due to its parallel with the Mattei Plan for Africa. This plan, spearheaded by Italy in collaboration with African nations, focuses on fostering quality investments and large-scale projects in infrastructure, energy, and production sectors, with a strong emphasis on education and training in Africa. The PGII shares a similar vision with the Global Gateway initiative of the European Union, which also targets the African continent.
We view the PGII, Mattei Plan, and Global Gateway as the foundation for a new G7 strategy to establish a mutually beneficial partnership with African nations. To further this objective, we aim to create structured synergies and coordinated activities among these three initiatives to maximize investments and efforts, ultimately yielding greater benefits for all involved.
One significant step towards this synergy is Italy’s decision, through the Mattei Plan, to contribute alongside the EU Global Gateway to the “Lobito Corridor” project. This critical infrastructure initiative aims to connect Angola with Zambia through the Democratic Republic of the Congo, facilitating trade between regional and global markets.
Furthermore, we have elevated the strategic importance of the PGII by establishing a Secretariat within the G7 to enhance implementation and coordination efforts. Effective collaboration and coordination are vital for the success of our joint interventions with African nations.
I am pleased to highlight the successful partnership between Italy and the United States in Kenya, where pilot projects under the Mattei Plan, focusing on renewable energy such as biofuels and geothermal energy, are making progress.
To expedite the implementation of these initiatives, we recognize the importance of pooling financial resources. As part of this effort, we have collaborated with the African Development Bank to create innovative financial instruments that welcome contributions from those interested in co-investment strategies. I extend my gratitude to the United Arab Emirates for their initial contribution to our multi-donor fund, which we anticipate will grow in the coming months.
In addition to these initiatives, we are committed to supporting the Virtual Platform for Investments in Africa, a joint effort by the African Union and the OECD aimed at enhancing transparency and public policies regarding investments on the continent. This platform will leverage the vast potential of African nations as they strengthen intra-continental trade through a continental free trade area.
Africa has been underestimated and exploited for too long. However, we believe in the continent’s untapped potential and are dedicated to collaborating with African nations to create new development opportunities through mutual partnership and respect. Our goal is to translate our intentions into tangible results, creating jobs and fostering growth.
I hope that this meeting will spark new synergies, opportunities, and concrete outcomes for all involved. Now, I invite President Joe Biden to share his remarks.
Translation courtesy.
