G-7 Ministers Discuss Increasing Aid to Resource-Rich Nations

Washington, April 17 (Jiji Press)--Finance ministers from the Group of Seven major industrialized countries on Friday discussed plans to increase financial aid to resource-rich nations through the World Bank and other entities as part of efforts to build supply chains for rare earths and other critical minerals that do not rely on China.

The talks aimed at ensuring stable supplies of important minerals were held in Washington. The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union.

The gathering, also attended by representatives from countries producing important minerals, including Australia, Brazil and Zambia, was chaired jointly by Japanese Finance Minister Satsuki Katayama, economy and finance minister Roland Lescure of France, which holds this year's G-7 presidency, and World Bank President Ajay Banga.

Participants discussed the efforts to support industrial development in resource-rich nations by multilateral development banks, such as the World Bank, the Asian Development Bank and the Inter-American Development Bank, in order to diversify supply chains for critical minerals.

Katayama told reporters after the meeting that these efforts will help increase employment in aid recipient countries and contribute to their economic growth.

[Copyright The Jiji Press, Ltd.]