G7 leaders pledge 600 billion for developing countries

G7 leaders pledge 600 billion for developing countries

Leaders of the Group of Seven (G7) anounced a 600 billion dollar infrastructure initiative to help developing countries tackle climate change. The initiative is seen as the West’s response to China’s massive Belt and Road Initiative (BRI).

US President Joe Biden said, this is not aid or charity but an investment that will deliver returns for everyone, including the American people and the people of all our nations. It will boost all of our economies, he said. China has been accused of trapping low-income countries into unaffordable debts to be part of its trillion-dollar BRI push. EU Commission chief Ursula von der Leyen said G7 is offering sustainable, quality infrastructure and will be listening closely to the recipient countries.

Group of 7

The Group of Seven is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the European Union is a ‘non-enumerated member’.

  • Founded: 1975
  • Canada: Prime Minister Justin Trudeau
  • France: President Emmanuel Macron
  • United States: President Joe Biden
  • European Union: Commission President Ursula von der Leyen;
  • Council President Charles Michel
  • Germany (2022 Host): Chancellor Olaf Scholz