Today, at the G7 Leaders Summit in Hiroshima, President Biden announced concrete steps to implement the vision of the Partnership for Global Infrastructure and Investment (PGII) to mobilize $600 billion by 2027 in infrastructure investments around the world. The announcement included public-private support for the Romania small modular reactor (SMR) project from the United States, Japan, Republic of Korea, and United Arab Emirates of up to $275 million, which includes a Letter of Interest from U.S Export-Import Bank (EXIM) for up to $99 million from the EXIM Engineering Multiplier Program. In addition, EXIM and U.S. International Development Finance Corporation (DFC) issued Letters of Interest for potential support of up to $3 billion and $1 billion, respectively, for project deployment. Together with new pledges by Romania, these commitments demonstrate the power of multinational cooperation and public-private partnership on transformative infrastructure projects and will move forward Romania’s leading-edge SMR project, based on the U.S. firm NuScale Power LLC technology, towards deployment in 2029.Media Note – Office of the Spokesperson
At the 2023 G7 Summit in Hiroshima, Japan, G7 leaders affirmed their commitment to identify new opportunities to scale the Partnership for Global Infrastructure and Investment (PGII), President Biden and the G7’s flagship infrastructure initiative which has attracted major investors to better respond to the global demand for high quality infrastructure financing, in low- and middle-income countries.
Supporting Small Modular Reactor (SMR) progress: PGII supports the development and deployment of full clean energy supply chain solutions at a global scale. Part of those efforts include small modular reactors, which offer a lower initial capital investment, greater scalability, potential for enhanced safety and security, and siting flexibility for locations unable to accommodate more traditional larger reactors. Deployment of advanced SMRs can help drive sustainable and inclusive economic growth.White House – Statements and Releases