Taking forward the multi-year infrastructure investment agenda at the IIWG meeting
On 28 to 29 August, the Investment and Infrastructure Working Group (IIWG) met for the fourth time in Jakarta, Indonesia. This meeting provided IIWG members with the opportunity to finalise a package of collective actions for endorsement by G20 finance ministers and central bank governors in September and discuss options for taking forward the multi-year infrastructure investment agenda.
Members discussed progress on their country commitments to improve the domestic investment environment. These investment commitments discussed by the IIWG will form part of country’s comprehensive growth strategies, to be delivered by the Brisbane Summit. Relevant international organisations also provided a high-level peer review of progress in terms of members’ new investment commitments since June.
The Working Group also discussed progress on work in the other priority areas of the G20 investment and infrastructure agenda for 2014. Members received an update on progress of several initiatives to enhance the capacity of financial markets to channel long-term finance to infrastructure and SMEs. A draft set of voluntary Leading Practices for Project Prioritisation and Preparation was discussed and support was provided for further collaboration between multilateral and regional development banks and for additional MDB efforts to improve balance sheet utilisation.
The Australian co‑chair of the Development Working Group (DWG) provided an update on the work that the DWG has been progressing this year on infrastructure to assist low income and developing countries and noted the importance of ongoing coordination and engagement between the DWG and the IIWG.
G20 finance ministers and central bank governors will be asked to endorse the package of investment measures, and agree on an option to take forward the multi‑year infrastructure agenda, at their meeting on 20 to 21 September in Cairns.