B20 Investment and Infrastructure task force agrees recommendations to boost economic growth
Berlin, March 7, 2013 - The B20 Investment and Infrastructure task force will urge G20 leaders later this year to boost the global economy by investing in major infrastructure projects. Chaired by Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), the task force, which met in Berlin for the third time, will ask the leaders of the twenty largest economies to work together on improving the investment climate and facilitate cross-border private sector investments in global infrastructure projects, especially in developing economies.
Members of the task force believe such investments could become a major driving force in the global economy. The task force also considered creating a list of priority global infrastructure projects, with specific suggestions on project financing, including creating special investment funds as part of the G20.
The preliminary recommendations of the task force are:
- Implementation of major infrastructure projects covering the next 20-30 years by all of G20 countries
- Removal of key restrictions impacting cross border investment
- Adoption by G20 governments of specific mechanisms to attract private investment in infrastructure projects thereby increasing their efficiency
- Development and coordination of specific structures supporting best global practices in public-private partnerships (PPP)
The task force meeting was attended by major investment and infrastructure funds as well as global corporations including BlackRock, Caisse des Depots, the World Bank, Corporacion America, EBRD, Credit Suisse, DIF, GDF Suez, Nestle, OECD and Repsol amongst others.
Commenting on the task force's proposals, Kirill Dmitriev said: "Infrastructure investment can boost the global economy if governments back cross-border infrastructure projects. Supporting infrastructure investments in emerging economies could become a locomotive pulling the global economy back from the brink of the crisis."
The Investments and Infrastructure task force was created as part of the Russian presidency of the Group of Twenty (G20) in 2013 and it works as part of the Business Twenty (B20), which includes senior representatives of leading businesses from G20 countries.
The task force will present its final recommendations on June 20-21 at the St. Petersburg International Economic Forum during the B20 summit. The results of the working group will be presented to the political leadership of the Russian Federation and the global business community. Recommendations from all working groups will be discussed at the G20 Summit on September 5-6 in St. Petersburg.
Business Twenty (B20) is a forum for international business community leaders. Traditionally, the work on business community proposals to G20 leaders has been coordinated by the most reputable business association of the country currently presiding over the G20. As part of the Russian presidency, the Russian Union of Industrialists and Entrepreneurs (RSPP) has been entrusted with this right.
Russian Direct Investment Fund (RDIF) was established in June 2011 to make equity investments primarily in the Russian Federation. RDIF’s management company is a 100% subsidiary of Vnesheconombank. In each investment it makes, RDIF is mandated to secure co-investment that as a minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. rdif.ru
Contacts for additional information:
For the RDIF:
+7 964 7261773
For Investment and Infrastructure task force: Elena Suvertok
+7 967 0989517
Andrew Hayes/Maria Ignatova/Elena Kuza
Tel +44 (0) 20 7796 4133