The theme for this year’s meeting of the G20 in Bali was “Recover Together, Recover Stronger.”
That theme was highlighted at a side event cohosted by President Joe Biden, Indonesian President Joko Widodo, and European Commission President Ursula Von der Leyen. The event was an opportunity for countries to deepen their engagement under the Partnership for Global Infrastructure and Investment, known as the PGII. The PGII was launched at the G7 Summit in June with the objective of strengthening global partnerships to finance transformative infrastructure and mobilize the private sector as drivers of quality investment in low and middle-income countries. The collective goal is to mobilize $600 billion in five years.
In his remarks, President Biden said, “Through the Partnership, we have already launched an array of new projects with countries across the G20 and beyond, collaborating in new ways on climate, energy security, digital connectivity, health infrastructure and gender equity and gender equality.”
Among the examples he cited is the $20 billion Indonesia Just Energy Transition Partnership, or JETP, which brings together ten countries, led by the United States and Japan, to work with Indonesia for a just energy transition that includes reducing emissions based on the expansion of renewable energy, as well as a just energy transition for workers and communities.
Another project he highlighted is Indonesia’s proposed $649 million compact with the Millennium Challenge Corporation, or MCC, in which the United States and Indonesia will partner to support the development of quality, climate-conscious transportation infrastructure, as well as increase access to finance for Indonesia’s women-owned businesses and micro, small, and medium-sized enterprises, which generate roughly 60 percent of Indonesia’s GDP.
Digital connectivity was also a focus. The United States is partnering with Japan and Australia to upgrade networks in Papua New Guinea and across the Pacific. Additionally, through the United States’ Digital Invest blended finance program, the U.S is working with Kenya partner CSquared to establish a nationwide fiber network in Liberia that will help connect 1 million Liberians to the web.
Around the world, President Biden noted, the PGII is also investing in critical minerals and supply chains, as well as health care infrastructure.
“Creating real opportunity, greater equality and a more healthy, prosperous world is what we are all about,” said President Biden. “We welcome all who share this vision to join this Partnership.”