Business:G7 Leaders hold session on investments in Africa | ANG
  • July 16, 2024

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The G7 summit opened Thursday (Jun. 13) in Italy. A session focused on investments and infrastructures projects in Africa.

The Partnership for Global Infrastructure and Investment (PGI) program was high on the agenda.

Projects include a rail corridor that will connect southern and central Africa.

The project will also bring telecommunication cables and other infrastructure to the region.

The infrastructure investments are meant to serve as an alternative to China’s development efforts, which the U.S. and its allies seek to contain.

Canada, Germany and EU, as well as representatives from Italian and American private companies such as ENI and Microsoft that are participating in the investment program.

The president of the European Commission hailed a “different” program.

“We wanted to create an alternative, an alternative for this infrastructure investment and it is not only the financial firepower that is impressive but PGI (Partnership for Global Infrastructure and Investment) is sustainable, it’s good for the planet, but it’s also good for the countries’ finances if I may say so. This combination makes our offer different to others. Important is that we want to bring long-lasting benefits to the local economy of our partners.”

The G7 summit is hosted by Italy which holds the rotating presidency.

One of its priorities is developing ties with Africa where other powers have long been present.

African leaders including the president of Algeria and South Africa have been invited to the summit.

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