G-20 should recapitalise multilateral funding bodies: Montek

Planning Commission Deputy Chairman Montek Singh Ahluwalia today said G-20 countries should recapitalise multilateral development banks to fund infrastructure projects.

"The G-20 countries should look for ways for recapitalising multilateral development banks. At present, the World Bank lending for infrastructure development is too minuscule," Ahluwalia said at an event here.

He said multilateral development banks, especially the World Bank, should significantly expand their lending for infrastructure development in the developing economies.

Ahluwalia also said that G-20 nations, that contribute about 80 per cent to the global gross domestic product (GDP), have played a successful role in combating global financial crisis.

Further, Ahluwalia urged businesses to suggest ways for conclusion of WTO Doha negotiations.

He was speaking at a meeting organised to gather industry inputs in areas such as financial sector and infrastructure in the run-up to the St. Petersburg G-20 Summit to be held in September.