New Financing Model from the G7

In a written statement from the G7, it was reported that the leaders agreed to create a new financing called “Build better for the world” for the transformation of infrastructure projects in developing countries with the aim of protecting nature and combating climate change.

In the statement, it was stated that under the plan, the G7 will provide high-quality financing for many crucial infrastructure projects, from rail transport in Africa to wind farms in Asia.

The G7 statement also stated that the UK has decided to create a new £500m fund called “Blue Planet” to protect ocean life and biodiversity.

In the statement, it was noted that within the scope of this fund, activities to be carried out in Ghana, Indonesia and the states of the Pacific islands will be supported to protect the coastal ecosystem, reduce water pollution and prevent inappropriate fishing methods.

British Prime Minister Boris Johnson, whose evaluations were included in the G7 statement, said: “Saving our planet is the most important thing we can do for our people as leaders. There is a direct relationship between reducing carbon emissions, restoring nature, creating jobs and ensuring long-term economic growth.”

Reminding that the G7 countries aim to reduce their total carbon emissions by half by 2030 when 2010 data are compared, it was noted that the G7 plans to zero its total carbon emissions by 2050 at the latest.

US President Joe Biden’s statements after the G-7 summit pointed out that the US got what it wanted from the summit regarding China.

Biden, who held a press conference after the completion of the 3-day summit, stated that 7 countries took a strong stance against China’s economic initiatives and practices concerning human rights.

Throughout the summit, the United States displayed an active view towards taking a stance against China in many areas, from forced labor and human rights issues to China’s Belt and Road project.

“We are actually in a race, not with China, but with autocrats, autocratic governments around the world, whether democracies can compete with them in the rapidly changing 21st century,” Biden said.

Reiterating that they do not want a conflict with China, Biden said, “We will cooperate in areas where we can cooperate, and where we cannot agree, I will say so openly and we will respond to inconsistent actions.”

Biden also said that he brought up the issue that China blocked access to its laboratories as part of research on the emergence of the coronavirus. Biden also argued that ‘to prevent another pandemic, access to laboratories in China should be provided’.

It was seen that Biden’s initiative in this direction was also reflected in the final statement of the summit. At the summit, allegations pointing to China regarding the source of the virus were also brought up. Accordingly, in the statement, a timely, transparent, scientific-based phase-2 research was called for in the investigation of the sources of Covid-19 in China, as recommended by experts in their reports.

1.7 billion Euro Financing Agreement Between Egypt and France

Egypt announced the signing of a financing agreement worth 1.7 billion euros with France.

According to the written statement made by the Egyptian Council of Ministers, Prime Minister Mustafa Medbuli met with the French Minister of Economy and Finance Bruno Le Maire, who is currently visiting the country, and Remy Rioux, CEO of the French Development Agency.

In the statement, it was noted that an agreement was signed between the Cairo and Paris governments to contribute to the implementation of priority projects in Egypt, and it was stated that the projects are related to the fields of “transportation, housing, electricity and wholesale market (vegetables, fruits and foodstuffs).

It was noted that the financing package, worth 1.7 billion euros in total, was 776 million euros from the French government and 990 million euros from AFD (French Development Agency).

In the statement, information on the details of the projects and when they will be implemented was not shared.

Egyptian President Abdel Fattah es-Sisi paid a visit to Paris, the capital of France, on May 16, and said that “France is one of Egypt’s most important partners in the European continent” as part of his contacts.

The air forces of the two countries also held a joint air exercise on June 10.

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