Rome, Italy
[Remarks as Prepared]
DEPUTY ADMINISTRATOR ISOBEL COLEMAN: First, I want to thank the Italian Presidency for its strong focus on the Partnership for Global Infrastructure and Investment over the past year.
I want to commend our collective efforts to make PGI an initiative built to last. The standing Secretariat sets PGI up for longevity and success, and we expect that PGI will remain an on-going G7 priority across multiple presidencies. The United States has marshaled multiple agencies, including USAID, the Department of State, the U.S. International Development Finance Corporation (DFC), the U.S. Export-Import Bank, from across the U.S. government to support our contributions.
Over the last four years, we’ve witnessed significant progress. Notably, the U.S. announced our support for three important economic corridors, Lobito in Southern Africa, Luzon in the Philippines, and the Trans-Caspian in Central Asia, which have received tremendous support from our G7 partners. The European Union and Italy have signed an MoU to cooperate on developing the Lobito Corridor; we are cooperating with the EU in Central Asia on the Trans-Caspian Corridor; and we are working closely with Japan on the Luzon Corridor.
But even as we celebrate this progress, we acknowledge that there is much left to be done. The gap for infrastructure financing continues to grow; our partners in Africa and the Indo-Pacific face unsustainable debt levels; and threats like climate change, global conflict, and market instability create additional challenges to navigate.
So, we are doubling down on our efforts. Just this year, the United States approved a loan of over $550 million from the Development Finance Corporation to support the rehabilitation of the Lobito Atlantic Railroad, building on our support earlier in 2022 to help put together the private sector consortium responsible for operating the railroad. USAID is also providing support to the Angolan Ministry of Transportation to create a full-time public-private partnership unit dedicated to helping the government partner more deeply with the private sector for infrastructure development.
This is the comparative advantage of the PGI approach: by creating sustainable sources of financing, ones that ideally do not add to a country’s debt burden, and prioritizing supporting investments in agriculture, digital services, health, and other critical sectors, PGI is creating the conditions for the long-term success of these infrastructure investments.
When I travel abroad – and I’m sure it’s the same when you all travel abroad – the number one request we receive from our partners is more support for trade, investment, and infrastructure. So, through PGI, we’re putting those local voices in the lead, and meeting a priority demand.
When President Biden travels to Angola in December, the first sitting U.S. president to visit that country, the Lobito Corridor will be a focus of his historic visit. PGI is the framework through which we can collectively coordinate our investments in such strategic initiatives as these economic corridors to harness maximal benefit: for developing clean energy; expanding access to digital finance; supporting female smallholder farmers as engines of local growth; and providing the communities in the region with a full range of opportunities to benefit from the investments. Through PGI, the U.S. and G7 are not just trying to get the job done, but we’re committed to getting the job done right, with openness and transparency, in partnership with local communities, and with an eye toward building sustainable progress.
The U.S. is pleased to be contributing to the development of critical infrastructure around the world, and we know we cannot do this work alone: we rely on the leadership and contributions of our G7 partners. We also know that to meet global needs, we must play the long game. We look forward to our continued collaboration on PGI in the years to come as we seek to advance this critical global priority.