Abstract
The announcement of the India-Middle East-Europe Economic Corridor (IMEC) during the 2023 Group of 20 (G20) Summit in New Delhi marks a significant development for the Partnership for Global Infrastructure and Investment (PGII) initiative. The PGII formation was announced in 2022 during the Group of Seven (G7) German Presidency. Initially formulated by the United Kingdom as the Build Back Better World (B3W) in 2021 during the G7 Presidency, and subsequently renamed, PGII is an initiative focused on providing infrastructure to help developing countries progress by addressing infrastructure funding requirements through public and private investments. During the recently concluded G20 Summit, at a meeting co-chaired by India and the United States of America (USA), the IMEC was announced. The proposed economic corridor will connect and stimulate economic development and growth by integrating three regions: Asia, the Arabian Gulf, and Europe (Ministry of External Affairs 2023).
