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At the 2024 G7 Summit in Fasano, Italy, BlackRock (NYSE:BLK), Microsoft (NASDAQ:MSFT), Brookfield (NYSE:BAM), and the World Bank, among others, reaffirmed their commitment to unlock public and private capital for accelerating sustainable infrastructure investment through the Partnership for Global Infrastructure and Investment, the Biden administration said today.
Global Infrastructure Partners, BlackRock (BLK), and Brookfield plan to invest at least $4B in capital toward infrastructure projects that align with PGI priorities. The investor plan to access the World Bank’s new streamlined guarantee platform, which will provide access to political risk insurance and other guarantees.
Also, a coalition of investors, led by co-chairs GIP and KKR (NYSE:KKR), and the Indo-Pacific Partnership for Prosperity recently announced a Memorandum of Understanding to work together to catalyze infrastructure investment in emerging markets, the White House said.
Microsoft (MSFT) is investing almost $5B in digital infrastructure, cybersecurity, skilling, and other capacity building in Kenya, Indonesia, and Malaysia, plus additional infrastructure investments and other initiatives in Thailand and the Philippines.
BlackRock (BLK) highlighted its commitment to facilitate billions in investments, including the close of the Climate Finance Partnership (“CFP”), a blended finance investment vehicle developed in partnership with the governments of France, Germany, and Japan that seeks to accelerate the flow of capital into climate-related investments in emerging markets.
To date, the U.S. has mobilized more than $60B towards PGI investments through federal financing, grants, and leveraged private sectors over the past three years, doubling contributions announced at 2023’s G7 Summit. “We will continue to ramp up investments to work towards the goal of mobilizing $200B by 2027, as part of a broader G7 target of $600B by 2027,” the Biden administration said.