The President of the Council of Ministers of Italy and G7 President, Giorgia Meloni, alongside President Joseph R. Biden of the United States, convened with fellow G7 leaders and representatives from the financial, energy, and digital/technology sectors from both Italy and the U.S. private sector on the sidelines of the 2024 G7 Leaders’ Summit at Borgo Egnazia, Italy.
The Italian and U.S. co-chairs commended Italy’s Mattei Plan for Africa (MPA) and its integration with the Partnership for Global Infrastructure and Investment (PGII). As the G7, we have agreed to champion flagship initiatives aimed at developing transformative economic corridors through high-quality infrastructure and investment. These include enhanced coordination and financing for projects like the Lobito Corridor, Luzon Corridor, Middle Corridor, and the India – Middle East – Europe Economic Corridor, building upon the EU Global Gateway and other pertinent initiatives.
In line with PGII’s overarching objective of mobilizing $600 billion in infrastructure investment within emerging economies, a coalition of U.S. investors reiterated their commitment to billions of dollars in private investment focused on scaled infrastructure in these markets, aligned with PGII priorities. The Italian private sector highlighted its contributions within the PGII framework and the Mattei Plan for Africa, unveiling new financial instruments in partnership with the African Development Bank, open to international contributions.
The meeting reaffirmed our dedication to launching and expanding investments across PGII economic corridors worldwide, spanning Asia, Africa, and a corridor linking Europe to Asia via the Middle East. We recognized and appreciated the substantial ongoing and prospective investments by private firms in critical sectors such as green energy finance and digitalization.
Today, Italy joined efforts with the U.S. and EU to advance sustainable development along the Lobito Corridor, pledging enhanced collaboration and up to $320 million in additional investment to bolster core rail infrastructure and related projects, while synergizing with the Alliance for Green Infrastructure in Africa (AGIA).
The co-chairs welcomed Italy’s renewed commitment to foster African development through deepened partnerships with African nations under the Mattei Plan for Africa (MPA). They underscored our joint commitment to heighten coordination among PGII, MPA, and the EU’s Global Gateway to maximize collective impact in advancing transformative economic corridors in Africa.
The co-chairs hailed the Africa Green Industrialization Initiative (AGII) as pivotal for collaborative infrastructure investment in Africa and celebrated the Global Energy Alliance for People and Planet (GEAPP), pledging up to $100 million in philanthropic catalytic investment capital to unlock an additional $1 billion in private finance. GEAPP was recognized as a key partner in deploying distributed renewable energy generation, battery storage, and e-mobility projects.
Italy and the United States are forging ahead with joint initiatives in clean energy, sustainable agriculture, and e-mobility, with initial projects under consideration in Kenya.
Finally, leaders welcomed Italy’s G7 Presidency’s efforts to ensure effective implementation of PGII and to enhance investment coordination with partners through the establishment of a dedicated Secretariat.