G-7 Leaders Outline Infrastructure Investment Aid to Counter China

Politics Economy

London, Dec. 3 (Jiji Press)--The leaders of the Group of Seven major advanced economies on Friday issued a joint statement setting out "principles and next steps" in its support for infrastructure investment in developing countries, with the view to countering China's development initiative.

The G-7 leaders vowed to "strengthen our partnerships with developing countries" and use "every tool in our respective development and economic toolboxes" to help them expand infrastructure investment to tackle challenges related to climate change, education and other issues.

The joint statement mentioned the need for "quality and sustainable" infrastructure, at a time when China's so-called "debt trap" diplomacy aimed at having stronger influence on borrowing nations is criticized.

The G-7 leaders indicated that they will focus on support for efforts under the Paris Agreement to curb global warming, as well as measures to improve health services and facilitate digitalization over the coronavirus pandemic.

The G-7 plans to "scale up from billions to trillions in finance from our economies" by leveraging existing frameworks such as the European Union's aid scheme for African countries and an assistance program jointly promoted by Japan, the United States and others.

[Copyright The Jiji Press, Ltd.]

Jiji Press