This week, in Washington, we are continuing to implement the G20’s infrastructure agenda.
This week I secured the commitment and financial contributions of China, Mexico, New Zealand, Republic of Korea, Saudi Arabia, Singapore and the United Kingdom to the Global Infrastructure Hub.
Additional countries are expected to explicitly support the Hub through specific commitments over coming months.
The support from these countries will go a long way to ensuring the Hub will deliver on its mandate to lift the quality of infrastructure investment, reduce barriers to investment, grow project pipelines and match investors to projects.
The financial contributions secured to date from other countries, totalling $20 million, will supplement the $30 million contribution from Australia towards the establishment and ongoing operation of the Hub.
Memoranda of understanding were also signed with the World Bank and the Organisation for Economic Co-operation and Development who will collaborate with the Hub.
In November last year, Australia secured the agreement of all G20 members to establish the Hub in Sydney.
The Hub has been registered as a company under Australian law.
We have appointed directors from Australia, China, the Republic of Korea, Turkey and the United Kingdom to represent the G20 on the Hub’s Board.
Treasury Secretary, John Fraser, in his capacity as Chair of the Board, Chaired the inaugural meeting of the Hub’s permanent Board in Washington on 15 April.
Australia will get the Hub fully operational as quickly as possible.