Explanation:

Prime Minister Narendra Modi will participate in the First I2U2 (India-Israel-UAE-USA) Leaders’ Virtual Summit on July 14, 2022 along with his Israeli counterpart Yair Lapid, UAE President Mohammed bin Zayed Al Nahyan and the US President Joe Biden.

• The Leaders will discuss the possible joint projects within the framework of I2U2 as well as the other common areas of mutual interest to strengthen the economic partnership in trade and investment in the respective regions and beyond.
• The I2U2 Grouping was conceptualized during the meeting of the Foreign Ministers of the four countries held on 18th October last year. Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation.
• I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.
• It intends to mobilize private sector capital and expertise to help modernize the infrastructure, and low carbon development pathways for the industries, improve public health, and promote the development of critical emerging and green technologies.

Hence both statements are correct.