CAIRNS, Australia (AFP) – G20 finance ministers said Sunday they would establish a global infrastructure hub to share information between countries about matching investors with projects to strengthen economic growth.
The Group of 20 of the world’s biggest developed and emerging economics said in its communique that the Global Infrastructure Initiative was meant to increase “quality investment, particularly in infrastructure”.
“Investment is critical to boosting demand and lifting growth,” it said.
“The initiative will also include key measures in our growth strategies to improve investment climates, which are central to our efforts to attract private-sector participation.”
The announcement came as the G20 said it was on track to meet 1.8 per cent of its two per cent additional growth target over the next five years.
Australian Treasurer Joe Hockey, who chaired the summit of finance ministers and central bankers, said the move came through the member nations’ agreement to “shift from government-led growth towards private sector-led growth”.
“We have committed to develop a database of infrastructure projects to help match potential investors with projects,” Hockey said at the end of the two-day meeting in the northern Australian city of Cairns.
“We want to create a knowledge platform to build public sector expertise, and develop standardised documentation to reduce the costs of new investment.”
The G20 said the World Bank would help develop the facility, which would include a particular focus on increasing “quality infrastructure investment in emerging markets and developing countries”.