“We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at every stage," the final G7 statement says.
The plan, formally announced by US President Biden at the G7 summit, will target countries desperately needing everything from roads to harbours - and until now often relying on the Chinese.
US President Joe Biden and his counterparts from the world's most industrialised nations have gathered at Elmau Castle in the Bavarian Alps, Germany, before they continue on to Madrid for talks with NATO partners.
The war in Ukraine, global energy markets and the food crisis will be high on the agenda on June 26 and 27.
US president heads to Brussels for NATO talks as the G7 summit ends with broad agreements for cooperation on fighting the coronavirus pandemic, challenging China's economic and human rights policies and other issues.
China hit back at the group of world's Seven richest democracies a day after G7 leaders adopted a rival plan to oppose Beijing's Belt and Road Initiative by helping build infrastructure in poorer nations.
The White House says funding through the G7 initiative will emphasise the environment and climate, labour safeguards, transparency, and anti-corruption.
US Secretary of State Antony Blinken and Russia’s Foreign Minister Sergey Lavrov agree to work together despite differences as they held talks on the sidelines of an Arctic Council meeting in the Icelandic capital of Reykjavik.
Top diplomats from UK, US, Canada, France, Germany, Italy and Japan are holding two days of talks in London to discuss Myanmar coup, Tigray crisis, Afghanistan troop withdrawal, Russia, coronavirus and assertive China.
G7 countries pledged $20 million to fight the blaze destroying the world's largest rainforest at the Biarritz summit hosted by French President Macron, who insisted the Amazon should be discussed as a top priority.
President Hassan Rouhani told the US to "take the first step" by lifting all sanctions against Iran, a day after US President Donald Trump said he was open to a meeting to resolve tensions between the two countries.
A statement issued at the conclusion of the two-day meeting of the G7 leaders in the French resort city of Biarritz, says the main issues covered included trade, Iran, Libya, Ukraine and Hong Kong.
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