The Global Infrastructure Hub announced at the G20 in Brisbane on November 15-16 is to be operational by the 2015 G20 summit. The Hub, to be established in Sydney, will operate as an international knowledge-sharing platform and network between governments, industry and international organisations.
The Hub is aimed at improving investment for infrastructure projects by creating a central repository of information to connect investors and investment-ready projects at an international level.
This will include the development of “a consolidated database of infrastructure projects, connected to national and relevant multilateral development bank databases, to help match potential investors with projects”, according to aG20 note on the initiative.
The Hub will also aim to address “key data gaps that matter to investors”.
It will link to national and multilateral development banks and existing similar initiatives such as the World Bank Group’s Global Infrastructure Facility. The World Bank facility has been established as a global open platform to mobilise capital and connect multiple actors.
The Hub will be established with a four-year mandate, with plans to make it operational as soon as possible in order to provide initial deliverables by the next G20 summit in 2015.
“All countries, regardless of whether they are members of the G20, will be able to work with the Hub and access and contribute to the information and expertise it gathers,” said Prime Minister Tony Abbott and Treasurer Joe Hockey in a joint media statement.
“The G20 will be regularly updated on the participants engaged in the knowledge-sharing network,” said the note.
Information generated through the Hub will be disseminated on a voluntary and non-binding basis to interested parties.
The initiative is expected to cost around $10-15 million per annum, to be funded through voluntary contributions.
“The Australian Government will be a major contributor to the Hub with other contributions coming from G20 members, non-member countries, international organisations, non-government stakeholders and the private sector,” said Abbott and Hockey.