Invest surplus in infra finance in devlp nations:India to G20

Chandra Shekhar
Paris, Feb 19 (PTI) India on Saturday pressed for
investment of global surpluses into financing infrastructure
in developing countries with the help of multilateral
development banks (MDBs).
Expressing concern over the lack of physical and social
infrastructure in developing and low income countries, India's
Finance Minister Pranab Mukherjee said here that a high level
panel on infrastructure financing being set up under the G20
Development Agenda could focus on this issue.
The panel could work in a manner in which "global
surpluses could be productively channeled into financing
infrastructure investment in developing countries through the
modalities of MDBs," he said.
Addressing a gathering of BRICS (Brazil, Russia, India,
China and S Africa) finance ministers on the sidelines G20
meeting, Mukherjee said the major economies should stand
committed to ensure sufficient resources for MDBs.
To improve its own infrastructure, India is seeking an
investment of USD one trillion during the 12th Five Year Plan
(2012-17) from internal and global resources.
Mukherjee also invited South Africa to join a BRIC study
regarding where the world economy would be in the near future
and the role of BRICS countries in it.
With South Africa joining the BRIC, the club of four
fastest growing economies, has now become BRICS.
The BRICS aims at submitting the report at their next
summit scheduled to be held in Beijing in April. PTI CS
SHS