Statement by President Michel at the G7 summit

Press material Sunday 26 June 2022   ● European Council   26/06/2022 19:20 | Statements and remarks | Statement by President Michel at the G7 summit side event on Partnership for global infrastructure and investment   The EU fully supports the G7 Partnership on Global Infrastructure and Investment. The reason for this is simple. We have always been a leader in cooperating with developing countries. 46% of global development aid comes from the European Union. And every year, almost 70 billion euros go towards funding more peace, more prosperity, and more development. The G7 is committed to values, standards, transparency, principles, and so, too, is the EU. We focus on smart, clean and secure investments in sustainable infrastructure as well as in digital infrastructure, climate, energy and transport. We also invest in the power and potential of people, in their education and health as well as in cutting-edge research. The EU is a project of peace and prosperity. It is anchored in the rule of law and multilateralism. We rally our partners around high standards in human, social, and workers’ rights. Our G7 Partnership wants to drive forward infrastructure that is sustainable, inclusive, resilient and high quality, in emerging markets and in developing countries. One example of this is the EU's investment in vaccines and medicine production, in particular in African countries. Multilateral development banks (MDBs) will play a catalyst role in mobilising private capital along with our public support. The European Union is promoting its Global Gateway initiative, too. At our EU-Africa Summit, last February, we announced an Africa-Europe Investment Package of 150 billion euros. We are investing in many projects, in Africa and with Africa. The submarine EurAfrica Gateway Cable and the local pharmaceuticals cooperation are two good examples of this. In addition, in the Indo-Pacific region, we are very engaged in the field of sustainable connectivity in transport, energy and technology. In conclusion, we need values and standards. That is why we are fully on board. I am convinced that the G7, and the EU, are taking the right direction for a more stable and forward-looking partnership. Thank you.