G7 Leaders Unite: Strategic Plans for Ukraine, China, and Global Infrastructure

Leaders of the Group of Seven major democracies commenced their annual summit, focusing on support for Ukraine with $50 billion in loans, tackling China's industrial overcapacity, and investing $4 billion in global infrastructure projects. They also discussed concerns on the Israel-Lebanon border and backed U.S. ceasefire efforts in Gaza.

Reuters | Updated: 13-06-2024 20:06 IST | Created: 13-06-2024 20:06 IST
G7 Leaders Unite: Strategic Plans for Ukraine, China, and Global Infrastructure
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Leaders of the Group of Seven major democracies held a first day of talks on Thursday at their annual summit. Here are some of the things that emerged from the opening sessions. SUPPORT FOR UKRAINE

* The G7 leaders agreed in principle on plans to issue $50 billion of loans for Ukraine backed by interest from Russian sovereign assets frozen after Moscow launched its invasion of its neighbour in 2022. * The technical details of the multi-year loan will be finalised in the coming weeks, a G7 diplomatic source told Reuters on Thursday, adding the funds for Ukraine would be available by the end of this year.

* For a second year running, Ukrainian President Volodymyr Zelenskiy attended the summit, taking part in talks on Thursday afternoon, after which he will sign a new, long-term security accord with U.S. President Joe Biden. * British Prime Minister Rishi Sunak said he would announce up to $310 million in bilateral assistance to Ukraine to support its immediate humanitarian, energy and stabilisation needs.

* Britain also imposed its first sanctions targeting vessels in Russian President Vladimir Putin's "shadow fleet" that it said was being used to circumvent Western sanctions and continue trade in Russian oil. DEALING WITH CHINA

* Western nations are unanimous in their concern over China's industrial overcapacity, which they say is distorting global markets, and their determination to help African states develop their economies, diplomats said. * White House National Security Adviser Jake Sullivan told reporters that G7 leaders were more unified than ever on major issues, including Chinese industrial overcapacity.

* The leaders are also expected to express their concern over China's support for Russia in its war with Ukraine. GLOBAL INFRASTRUCTURE

* A White House senior adviser for energy and investment said the G7 leaders would review progress on infrastructure at a side event which will include the heads of U.S. corporate heavyweights Microsoft and BlackRock. * The White House's Amos Hochstein said three major funds would commit $4 billion for investment in global infrastructure, and Biden would call on the G7 to continue to ramp up funding in developing countries.

* Hochstein said Italy would join an African railway corridor project with an investment of $320 million. MIDDLE EAST

* G7 leaders are very concerned by the situation on the Israel-Lebanon border and endorse U.S. efforts to secure a ceasefire in the Gaza Strip, according to a draft communique due to be released following this week's summit. * Leaders also reiterated a commitment to a two-state solution for Israelis and Palestinians to live in peace, side-by-side and called on Israel to refrain from a full-scale offensive in Rafah.

* A senior U.S. official said specific security arrangements were needed for the Israel-Lebanon border and a ceasefire in Gaza was not enough to secure peace in the region. (Compiled by Angelo Amante; Editing by Crispian Balmer and Christina Fincher)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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