In Carbis Bay, Cornwall, on Sunday 13 June, G7 Leaders confirmed their commitment to implementing the G20/Paris Club Common Framework for Debt Treatments, beyond the Debt Service Suspension Initiative for the poorest countries hardest hit by the impact of the Covid-19 pandemic. They also called for the proposed allocation of $650 billion in SDRs from the IMF, of which $100 billion would be mobilised voluntarily for infrastructure financing in Africa, to be implemented by the end of August 2021.
“We were able to convince our partners to mobilise more resources to develop a win-win strategy for Africa and Europe”, said European Council President Charles Michel after the summit (see EUROPE 12739/20).
The G7 also called on the multilateral development banks to explore all options to unlock additional financing for developing countries.
On Monday 14 June, the G7 development finance institutions, the IFC, the private sector arm of the African Development Bank,the EBRD and the European Investment Bank today announced that they were committed to investing $80 billion in the private sector over the next five years “to support sustainable economic recovery and growth in Africa”.
See the G7 final communiqué: https://bit.ly/3q2G6pX (Original version in French by Aminata Niang)