Britain will urge the United States to back its ambitious plan to double aid to Africa and the developing world at this week's meeting of G-7 finance ministers, Treasury chief Gordon Brown said in an interview published Wednesday. The issue is a key priority for Britain's presidency of the Group of Eight industrialized nations, and the support of the world's biggest economy is vital. "We will be trying to persuade America that debt relief and extra finance for development is in its interests not just because it is good economics and social policy but good for its security as well," Brown said in an interview with The Guardian newspaper. "There is a sense of momentum. We are winning support. Now is the time to take the next step forward. We are making a major push this weekend. We are demanding action this weekend from the G-7." Brown, who is Chancellor of the Exchequer, wants to double international aid to the developing world to US$100 billion (¤77 billion) a year, and has proposed a financial mechanism to leverage in extra funds. His International Finance Facility would raise US$50 billion (¤38.5 billion) a year on the international capital markets by issuing bonds, using future, legally binding donor commitments from rich countries as collateral. Rich countries would then have until 2030 to repay bondholders from their development aid budgets. Britain has won the support of France, Sweden, Italy, Germany and 39 emerging market and developing countries, but crucially is yet to receive the backing of the United States. The issue is firmly on the agenda at a Feb. 4-5 meeting of G-7 finance ministers in London. The G-7 comprises all the G-8 members except Russia.
