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The G7 Summit concluded with a significant commitment to enhance global infrastructure through initiatives like the India-Middle East-Europe Economic Corridor (IMEC) and extend substantial financial support to Ukraine. Hosted by Italian Prime Minister Giorgia Meloni, the summit underscored collaborative efforts among member nations towards transformative economic corridors and sustainable investment.
In their Communique issued on Friday, G7 leaders affirmed their dedication to fostering infrastructure and investment projects under the G7 Partnership for Global Infrastructure and Investment (PGII). Noteworthy initiatives include the IMEC, designed to integrate road, railroad, and shipping networks across Saudi Arabia, India, the United States, and Europe, linking Asia, the Middle East, and Western regions.
The IMEC initiative is positioned as a strategic response to China’s Belt and Road Initiative (BRI), criticized for its transparency and sovereignty implications in recipient nations.
The summit also addressed priorities such as AI governance, energy policies, and Africa’s development, with Prime Minister Narendra Modi leading discussions during the Outreach session. The Communique emphasized enhancing interoperability among AI governance frameworks to foster innovation and sustainable growth.
Regarding geopolitical support, the G7 reiterated unwavering backing for Ukraine amid its conflict with Russia. The leaders announced plans for Extraordinary Revenue Acceleration (ERA) Loans, aiming to provide Ukraine with approximately USD 50 billion in additional funding by year-end. This financial aid is intended to bolster Ukraine’s defense efforts, leveraging future revenues from frozen Russian sovereign assets in EU and other jurisdictions.
Pope Francis made history by participating in the G7 Summit, joining leaders including US President Joe Biden, UK Prime Minister Rishi Sunak, and other prominent global figures.
The summit’s outcomes reflect a commitment to global economic resilience, sustainable development, and geopolitical stability amidst evolving international challenges.
