$50billion loan plan for Ukraine, grant to develop Africa economy dey part of G7 summit agenda

Di G7 nations don agree to one $50billion deal to fund Ukraine, according to Italian Prime Minister, Giorgia Meloni.

Di money go come from di all di Russian assets wey dem freeze.

“I confam to you say we don reach political agreement to provide additional financial support to Ukraine of approximately $50billion by di end of di year, Meloni wey follow wire agency AFP, tok.

German Chancellor, Olaf Scholz tok say di money go help Ukraine quicky buy everything e need, from weapons to investments into di reconstruction of dia energy infrastructure.

G7, leaders of di world seven richest kontris bin gada for Italy to decide wetin to do about di ongoing fight fight for Gaza and Ukraine.

Di G7 summit go also involve leaders from Africa plus di Indo-Pacific region, and dem go discuss economic co-operation wit developing kontris.

Africa and migration plus oda tins on G7 agenda

Di 2024 G7 summit go hold from 13 to 15 June for Apulia, Italy.

E go be di first major international forum wey di Italian prime minister, Giorgia Meloni go host since she take ova office for October 2022.

Apart from di wars for Ukraine and Gaza, Italy tok say dem want make di summit focus on Africa and migration, economic security, and international co-operation on artificial intelligence (AI).

Migration also dey on di agenda, particularly pipo wey dey travel from Africa to Europe.

Italy dey ask oda nations to contribute financially to dia Mattei Plan, wey go give African kontris grants and loans to develop dia economies.

Wetin be G7?

Di G7 (Group of Seven) na one organisation of di world di seven largest so-called "advanced" economies wey dominate global trade and di international financial system.

These nations na Canada, France, Germany, Italy, Japan, UK and di United States.

Russia bin join for 1998, creating di G8, but dem comot am for 2014 afta di kontri takeover of Crimea.

China no be member, despite dia large economy and say dem be di second-largest population.

These two kontris dey for di G20 group of developed and developing nations.

Di European Union (EU) no be member of G7, but dem dey attend di annual summits.

Throughout di year, G7 ministers and officials dey hold meetings, form agreements and publish joint statements on global events.

Dis year na Italy hold di presidency.

G7 get any power?

Di G7 no fit pass laws. However, some of dia past decisions bin get global effects.

For example, di G7 bin play ogbonge role as dem set up one global fund to fight malaria and Aids for 2002.

Ahead of di 2021 G7 summit for UK, di group finance ministers bin agree to make multinational companies pay more tax.

Dem don also provide financial aid to developing kontris, and dem also don take steps to tackle climate change.

How G7 fit work wit developing nations?

Italy say "di relationship wit developing nations and emerging economies go dey central" to di G7 summit, and dem go "work to build co-operation model based on mutually beneficial partnerships".

Dem don invite leaders from 12 developing kontris from Africa, South America and di Indo-Pacific region.

Under di Mattei Plan, Italy go give grants and loans wey worth 5.5bn euros (£4.6bn) to several African kontris, to help develop dia economies.

Di scheme go also position Italy as energy hub, building gas and hydrogen pipelines between Africa and Europe.

However, many commentators suspect say e fit be cover for Italy to crack down on further migration from Africa.

Italy dey ask oda nations to contribute financially to di scheme.

Di leaders dey hold round table discussion for di G7