BRISBANE, November 16 (Sputnik) — G20 leaders decided to establish the Global Infrastructure Hub to provide resources for the G20's infrastructure agenda, the summit's final communique said Sunday.
"The Global Infrastructure Hub will provide dedicated resources to help implement the G20's multi-year infrastructure agenda under the Initiative," the document stated.
According to the communique, the Hub will be located in Sydney to provide work, meetings and virtual network of stakeholders and experts.
"All countries, G20 and non-G20, as well as relevant international organisations, will be free to engage with the Hub and use the information it disseminates on a voluntary and non-binding basis," the communique said.
"The Hub will help to achieve practical outcomes by working collaboratively with governments the private sector, national, regional and multilateral development banks, international organizations and other stakeholders," the document explained.
This initiative is said to potentially help consolidate the collective expertise of these organizations to direct the ongoing improvements towards the functioning of infrastructure markets.
The measures, undertaken with regards to the Global Infrastructure Initiative will be added up by the activity of multilateral, regional and national development banks through their own infrastructural initiatives to "optimise use of their balance sheets to provide additional lending".
Moreover, these efforts should assist investments in high-quality infrastructure in the countries with the moulding market, developing countries and countries with low income.
Over the weekend, the city of Brisbane has seen world leaders and around 4,000 delegates visiting Australia for the G20 summit in a bid to find a solution to a number of world issues. Global financial recovery, the Ebola virus epidemic and climate change were among the challenges discussed during the two-day summit.
