BRISBANE, Australia (AFP) – The world’s top development banks on Thursday threw their support behind G20 plans for a global infrastructure hub to spur growth and create jobs, saying it is key to helping tackle poverty.
The Group of 20 of the world’s biggest developed and emerging economies agreed in September to establish the Global Infrastructure Initiative, expected to be based in Sydney, to share information about matching investors with projects.
Its main purpose is to cut red tape and close the “information gap” between potential investors and infrastructure projects as the G20 looks to spur world economies by shifting from government-led growth towards private sector-led growth.
It was welcomed in a joint statement by the African Development Bank, Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, World Bank and IMF.
“We stand ready to bring our experiences and skills to the G20’s work on infrastructure and to support a proposed new global infrastructure hub,” they said.