At the 2021 G7 Summit, leaders have launched the Partnership for Global Infrastructure and Investment.
The Partnership will deliver game-changing projects to close the infrastructure gap in low- and middle-income countries, strengthen the global economy and supply chains, and advance the United States' and its allies' economic and national security interests. At the opening day of the G7 Leaders' Summit in Schloss Elmau, President Joe Biden announced that the U.S. aims to mobilize $200 billion for PGII over the next 5 years through grants, Federal financing, and leveraging private sector investments.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.