G7 leaders pledge 600 billion for developing countries
Leaders of the Group of Seven (G7) began three days of talks yesterday in Germany’s Bavarian Alps. One of the first announcements was 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.
Shortly before the G& summit began, London announced that UK, along with US, Japan and Canada, will ban new imports of Russian gold to tighten the economic effect of sanctions on Russia. The joint action will directly hit Russian oligarchs and strike at the heart of Putin’s war machine, British Prime Minister Boris Johnson said in the statement. Washington said the decision will be formally announced as a G7 move on Tuesday.