This morning, Secretary Blinken and Treasury Secretary Yellen co-hosted the inaugural U.S. Partnership for Global Infrastructure and Investment (PGI) Investor Forum with special guest World Bank Group President Ajay Banga at Bloomberg Philanthropies. Attendees included Co-CEO of KKR Joseph Bae, Chairman and CEO of JP Morgan Chase Jamie Dimon, Chairman and CEO of BlackRock Larry Fink, President and COO of Blackstone Jonathan Gray, Chairman and Managing Partner of Global Infrastructure Partners Adebayo Ogunlesi, CEO of Lazard Peter Orszag, and President, CIO and CFO of Alphabet and Google Ruth Porat. These institutions represent a variety of private sector actors including asset owners, asset managers, debt, and equity providers as well as advisory firms and infrastructure operators. Collectively, they represent trillions of dollars of assets under management and a diversity of financing options to power the most efficient development of sustainable infrastructure in key sectors across the globe.
As announced by President Biden at the 2023 G7 Summit in Hiroshima, the PGI Investor Forum aims to further strengthen partnership with the private sector in order to realize U.S. PGI’s collective goal of mobilizing $200 billion by 2027 for sustainable, global infrastructure investments. Private sector guests identified incentives and methods to further mobilize infrastructure investment, with a particular focus on unlocking additional private capital at scale. Secretary Blinken, Secretary Yellen, World Bank President Ajay Banga, and the private-sector leaders discussed how to better leverage bilateral and multilateral public tools to increase private investment in quality, sustainable infrastructure in low- and middle-income countries.