G20 to set up global infrastructure hub to boost growth

Cairns: The G20 finance ministers' summit said Sunday it would establish a global infrastructure hub to share information between countries about matching investors with projects to boost economic growth.

The group of 20 of the world's biggest developed and emerging economics said in its release that the Global Infrastructure Initiative was meant to increase "quality investment, particularly in infrastructure".

"Investment is critical to boosting demand and lifting growth," it 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."

The announcement came as the G20 said it was on track to met 1.8 percent of its two percent extra growth target.

Australian Treasurer Joe Hockey, who chaired the summit of finance ministers and central bankers, said the move came through the member nations' agreement to "shift from government-led growth towards private sector-led growth".

"We have committed to develop a database of infrastructure projects to help match potential investors with projects," Hockey said at the end of the two-day summit in the northern Australian city of Cairns.

"We want to create a knowledge platform to build public sector expertise, and develop standardised documentation to reduce the costs of new investment."