G7 pledges lending reforms while courting Africa’s critical minerals

Chunks of raw cobalt at transformation plant in Lubumbashi, Democratic Republic of Congo.

Photo credit: File | AFP

G7 leaders this week pledged to continue reforming the global financial architecture while launching a new drive to secure critical minerals, mainly from Africa.

But the reforms may take years, as lenders will decide which clauses to include in loan contracts, including whether to pause repayments when disasters strike debtor countries.