APULIA, Italy, June 13, 2024 /CNW/ - 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, this will expand financing options for sustainable and more gender-inclusive infrastructure in Africa and Asia.
"We are working with G7 partners to address the most pressing challenges of our time and to build a world with stability and security. At the G7 Summit today, we announced supports for Ukraine in its defence of freedom, action to hold Russia accountable for its war of aggression, and shared efforts to grow inclusive, fair, and dynamic global economies."
The Rt. Hon. Justin Trudeau, Prime Minister of Canada
- Today in Apulia, Prime Minister Trudeau held bilateral meetings with the President of France, Emmanuel Macron, the President of Ukraine, Volodymyr Zelenskyy, and the Chancellor of Germany, Olaf Scholz.
- At the G7 Leaders' meeting on February 24, 2022, as Russia launched its illegal full-scale invasion of Ukraine, Prime Minister Trudeau first proposed freezing the assets of Russia's central bank. In Budget 2022, Canada introduced the world's first legislation to allow the seizure and forfeiture of sanctioned Russian assets.
- During the G7 Leaders' call on February 24, 2024, Prime Minister Trudeau, while on an official visit to Ukraine, was the first to raise the topic of Russian central bank assets, and proposed to seize the now-frozen assets. In Budget 2024, Canada detailed its proposal to work with G7 allies to make full use of the Russian assets currently immobilized in our jurisdictions, including through the possible expansion of the Windfall Profits mechanism to advance the payments from future years under this system to Ukraine.
- Hybrid capital is an innovative financial instrument at the World Bank's International Bank for Reconstruction and Development (IBRD). The instrument acts as equity on the IBRD's balance sheet and provides additional capacity for the Bank to provide loans to developing countries, with a leverage factor of 6.5 times. Canada's purchase of $274 million in World Bank hybrid capital can help support up to $1.8 billion in additional lending to developing countries.
- Canada's contribution to the Inter-American Development Bank is made available through our $5.3 billion climate finance commitment.
- FinDev Canada is Canada's development finance institution. Since its launch in 2018, it has programmed nearly $76 million in concessional financing and invested close to $1.3 billion, with 46 private sector clients.
- FinDev Canada's concessional finance facility will activate and accelerate emergent private sector growth in priority markets by targeting finance opportunities in sustainable infrastructure, the financial industry, and agribusiness and forestry value chains. The facility will contribute to climate and nature action, gender equality, and local market development.
- The Private Infrastructure Development Group (PIDG) helps to expand finance for sustainable and more gender-inclusive infrastructure in Africa and Asia. This funding qualifies Canada to be a PIDG member to the PIDG Trust.
- Since 2014, Canada has imposed sanctions on more than 3,000 individuals and entities in Russia, Belarus, Moldova, and Ukraine for their complicity in the violation of Ukraine's sovereignty and territorial integrity and the gross and systematic human rights violations. Many of these sanctions have been implemented in co-ordination with Canada's partners.
- In 2022, Canada introduced the world's first civil forfeiture regime for sanctioned assets. Budget 2024 announced the federal government's intention to engage international partners to identify additional avenues to hold Russia to account and advance any necessary amendments to Canada's sanctions regime.
- Canada is committed to achieving the UN's SDGs at home and around the world. Over the past decade, Canada has been at the forefront of financing for development discussions at the UN. Canada has co-chaired the UN Group of Friends of SDG Financing since 2016.
- Prime Minister Justin Trudeau is the co-Chair of the UN SDG Advocates Group and of the SDG Stimulus Leaders Group, which helps mobilize collective action toward the SDGs, including efforts to improve access to financing for emerging economies and developing countries.
- Canada's 2030 Agenda National Strategy seeks to advance progress on the SDGs through widespread, collaborative engagement and action. The intended result is all partners contributing in their unique ways and with others toward achieving the SDGs.
- Canada announces additional sanctions against Russia and its illegal war against Ukraine
- Canada and the G7
- Canada's climate finance for developing countries
- Canada and the Sustainable Development Goals
- Sovereign Loans Program
- International Assistance Innovation Program
- Development Finance Institute Canada
- Canada's response to the Russian invasion of Ukraine
- Prime Minister advances progress toward a peaceful, healthy future at United Nations General Assembly
This document is also available at https://pm.gc.ca
SOURCE Prime Minister's Office
PMO Media Relations: [email protected]
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