PGII & IMEC (Syllabus: GS Paper 2 – IR)

News-CRUX-10     11th September 2023        
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Context: On the sidelines of the G20 Summit in New Delhi, a Memorandum of Understanding (MoU) was signed between countries including India to establish the India – Middle East – Europe Economic Corridor (IMEC).

India – Middle East – Europe Economic Corridor (IMEC)

  • About: The IMEC is being envisioned as a network of transport corridors, including railway lines and sea lanes, that is expected to aid economic growth through integration between Asia, the Arabian Gulf, and Europe.
  • Part of: The project is a part of the Partnership for Global Infrastructure Investment (PGII).
  • Countries involved: India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany

    Partnership for Global Infrastructure Investment (PGII)

    • About: It is a West-led initiative for funding infrastructure projects across the world, seen as a counter to China’s Belt and Road Initiative (BRI).
    • Announced: June 2021, during the G7 (or Group of Seven) summit in the UK. In 2022, during the G7 summit in Germany, the PGII was officially launched as a joint initiative to help fund infrastructure projects in developing countries through public and private investments.
    • Aim: To mobilise nearly $600 billion from the G7 by 2027 to invest in critical infrastructure that improves lives and delivers real gains for all of our people.”
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