Prime Minister Tony Abbott discusses the G20 delivering practical outcomes on Infrastructure
G20 Leaders have agreed to establish a Global Infrastructure Hub in Sydney to increase global investment in infrastructure.
Demand for infrastructure investment over the next decade will outstrip the funding capacity of governments alone so private sector involvement is critical.
According to the B20, the Hub could help unlock an additional $2 trillion in global infrastructure capacity to 2030.
The Hub will facilitate better information sharing and collaboration between the private sector, governments, development banks and international organisations on infrastructure investment.
With a four year mandate, the Hub will work internationally to help countries improve their general investment climates, reduce barriers to investment, grow their project pipelines and help match investors with projects.
This will help improve how infrastructure markets work.
The Australian Government will be a major contributor to the Hub with other contributions coming from G20 members, non-member countries, international organisations, non-government stakeholders and the private sector.
We welcome financial commitments to support the Hub from the United Kingdom, China, Saudi Arabia, New Zealand, the Republic of Korea, Mexico and Singapore.
We look forward to finalising the details of this support after the Summit and welcome further offers of financial and in-kind support from other G20 and non-G20 countries and the private sector.
Under Australia’s G20 Presidency, our focus has been on economic growth and job creation.
Quality infrastructure is fundamental to economic growth across the globe.
Investment in infrastructure drives economic activity and creates new jobs.
Multilateral development banks, the IMF and the OECD have all indicated they stand ready to bring their experiences and skills to the G20’s work on infrastructure and to support the Hub.
The B20 has also given its strong support to the Hub.
All countries, regardless of whether they are members of the G20, will be able to work with the Hub and access and contribute to the information and expertise it gathers.
Establishing the Global Infrastructure Hub is a significant and practical initiative by the G20 to drive faster progress on its infrastructure agenda and move engagement with the private sector beyond business as usual.
16 November 2014