G20's global infrastructure hub to raise investments

Underlining the criticality of investment to boosting demand and growth worldwide, the G20 finance ministers' summit Sunday agreed to set up a global infrastructure initiative to increase "quality investment", with special emphasis on infrastructure.

The initiative to be coordinated by the World Bank will include setting up a global infrastructure hub to share information between countries on matching investors with projects.

"The initiative will seek to implement the multi-year infrastructure agenda, including through developing a knowledge-sharing platform, addressing data gaps and developing a consolidated database of infrastructure projects, connected to national databases, to help match potential investors with projects," a communique of the G20 finance ministers and central bankers' meeting here 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," it added.

The implementation mechanism for the initiative will be announced by the G20 group leaders in November, the statement said.

"We have committed to develop a database of infrastructure projects to help match potential investors with projects," Treasurer of Australia Joe Hockey told media at the end of the two-day summit.