Leaders of the Group of Seven (G7) major democracies agreed on Thursday, June 13, to provide $50 billion in loans for Ukraine.
As per Reuters, this plan uses interest from Russian sovereign assets frozen after Russia's 2022 invasion of Ukraine.
The agreement was the highlight of the first day of the G7 summit in southern Italy, attended for the second year by Ukraine's President Volodymyr Zelenskiy.
Meanwhile, President Zelenskiy is also set to sign long-term security accords with U.S. President Joe Biden and Japan on Thursday.
The G7 plan involves multi-year loans using profits from around $300 billion in frozen Russian funds.
However, details will be finalized in the coming weeks, with the funding expected by the end of the year.
The U.S. has committed up to $50 billion, though this amount could decrease as other countries contribute.
Meanwhile, leaders also voiced concerns about the Israel-Lebanon border and endorsed U.S. efforts for a Gaza Strip ceasefire, urging Israel to avoid a full-scale offensive in Rafah.
While, the G7 expressed unanimous concern over China’s industrial overcapacity and committed to aiding African economic development.
Moreover, the G7 summit in Puglia included a broad range of participants, such as Pope Francis and leaders from India, Brazil, Argentina, Turkey, Algeria, and Kenya.
The summit will continue until Saturday, with many leaders leaving Friday night for bilateral meetings and closing remarks from Meloni.
