Finance ministers from the Group of Seven (G7) countries have agreed to allot 20% of the funds from a US$ 22 billion (EUR 22.4 billion) low-interest loan fund for poor countries to be given as grants aimed at education, health, nutrition and water safety. The funds had been frozen because of a dispute between the USA and Europe over how the money should be spent. The money will be freed in the autumn of 2002 pending endorsement by the International Monetary Fund (IMF). The G7 meeting of finance ministers preceded the G8 (G7 + Russia) Summit held in Kananaskis, Canada from 26-27 Jun 2002. At the Summit the G8 Africa Action Plan was launched. It included a separate item on "Improving Water Resource Management" calling for support to water and sanitation projects and sector reform. The G8 countries are: Canada, France, Germany, Italy, Japan, Russia, the UK and the USA.

Source: Globe and Mail, 17 Jun 2002
G8 Africa Action Plan, 27 Jun 2002