Tuesday, July 16, 2024
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HomeEvents / VideoPM Trudeau strengthens global security and stability at the G7 Summit

PM Trudeau strengthens global security and stability at the G7 Summit

APULIA, Italy – The Prime Minister, Justin Trudeau, today concluded his first day at his eighth G7 Leaders’ Summit, this year in Apulia, Italy, where he met with leaders from around the world to discuss pressing global issues. Shared challenges require shared solutions, and together with international partners, Canada is working to build a better, fairer future with security, stability, and prosperity.

At the G7 Summit, prime minister Trudeau participated in G7 working sessions to strengthen security and stability around the world, particularly in Ukraine and the Middle East. In meetings with G7 partners, the Prime Minister underlined the importance of global solidarity to support Ukraine in defence of its freedom.

The prime minister announced key measures, including $5 billion in funding,  to support Ukraine’s fight for freedom.

This includes:

  • Canada’s contribution to G7 Extraordinary Revenue Acceleration Loans for Ukraine. Canada has long advocated for new and innovative ways to support Ukraine and impose costs on Russia for its illegal and unjustifiable invasion of Ukraine. As the G7 finalizes the delivery of the Extraordinary Revenue Acceleration Loans, Canada stands prepared to contribute $5 billion in funding. Through this initiative, G7 countries would intend to bring forward the future revenues from frozen Russian sovereign assets. This would provide Ukraine with approximately $69 billion (US$50 billion) as it continues to defend its freedom, sovereignty, and territorial integrity.
  • A new sanctions package targeting Russia’s military-industrial complex. Canada is sanctioning 11 individuals and 16 entities who supply key technology and electrical components in support of Russia’s war of aggression, entities involved in sanctions circumvention that help Russia access sanctioned goods or revenue from oil sold above the G7 price cap, and individuals and entities implicated in disinformation and propaganda operations.
  • The export of the first four of 50 Canadian-built armoured combat support vehicles to Europe, to support Ukraine’s Armed Forces. The prime minister noted that the shipment of these first armoured medical evacuation vehicles further reinforces the practical support that Canada is providing to Ukraine, as outlined in the $650 million funding package announced by Canada in September of last year.

In Apulia, G7 leaders reaffirmed their support for the comprehensive deal outlined by president Biden that would lead to an immediate ceasefire in Gaza, the release of remaining hostages, a significant and sustained increase in humanitarian assistance to support civilians in Gaza, and an enduring end to the crisis, with Israel’s security interests and the safety of Gazan civilians assured. They reaffirmed their support for a two-state solution and underscored the need to remain engaged with governments in the region to prevent spillover of the conflict into neighbouring territories, which may further endanger regional stability and security.

Prime Minister Trudeau reiterated his deep concern over the conflict’s impact on civilian life, including the remaining hostages, and highlighted $165 million in assistance funding provided to date to support the provision of food, water, emergency medical assistance, protection services, and other life-saving assistance to civilians.

Alongside building a secure and stable world, Canada is also taking leadership to grow global economies that will benefit all citizens and future generations.

At the Summit, the prime minister participated in a G7 working session on Africa, climate change, and development and a side event on the G7 Partnership for Global Infrastructure and Investment, where he highlighted an over $1.6 billion package of measures to promote inclusive and dynamic growth anchored in the global clean energy transition.

This includes:

  • Delivering $720 million over five years for a new concessional finance facility at FinDev Canada. The facility will grow the range of investments to mobilize additional capital for sustainable development, including from the private sector. Building on the federal government’s $750 million in additional capital announced in 2022 to support its global mandate and expansion into the Indo-Pacific region, today’s funding further strengthens Canada’s development toolkit. This also includes $20 million for technical assistance to further support FinDev Canada’s clients so that they can close knowledge gaps and advance sustainable investing.
  • Purchasing $274 million (US$200 million) in hybrid capital from the World Bank’s International Bank for Reconstruction and Development. This will enable up to $1.8 billion in additional lending to developing countries so they can advance the United Nations’ (UN) Sustainable Development Goals (SDGs), from improving education and health to reducing food insecurity and carbon footprints.
  • Providing $510 million in repayable contributions and technical assistance grants to the Inter-American Development Bank Group to establish the Canadian Net Zero and Climate Resilience Accelerator Fund. This will incentivize private-sector investments in projects that will help economies in Latin America and the Caribbean become less carbon-intensive, more climate-resilient, and more inclusive.
  • Providing a $120 million sovereign loan and a $6.5 million technical assistance grant to South Africa in support of its Just Energy Transition Partnership. As part of the sovereign loan agreement signed in March of this year, Canada is supporting a South African-led transition to safe, secure, and affordable clean energy, while addressing economic inclusion gaps.
  • Contributing a $45 million repayable loan to the Private Infrastructure Development Group. By mobilizing private sector investments, will expand financing options for sustainable and more gender-inclusive infrastructure in Africa and Asia.
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