TREASURER:
My first meeting of G20 and the IMF World Bank was here last year. In the original meeting Jim said that he really wanted the World Bank to focus on building infrastructure that would help to lift the quality of life for millions of people around the world. It was immediately obvious to me and other Australians and many other countries that we wanted to contribute, we wanted to be a part of that ambition and it is a great credit to the President of the World Bank that he has had the courage not only to undertake significant structural reform in the World Bank but to lead in areas of infrastructure. I very much appreciate, Jim, your support for us in relation to the Global Infrastructure Initiative in the G20 but our words need to be matched with money and we are committing substantially to this [inaudible] initiative. But it is the beginning, we are going to do more. This infrastructure is going to be one of the greatest poverty alleviation tools in the next 50 years as we improve productivity right across the globe and also network as nations with the private sector to help to build the infrastructure that is going to improve quality of life. Better water, better electricity, better education and health facilities and so on for the most needy. It is also important to have collaboration with the private sector because ultimately the private sector has the money and many of the skills to make these events occur. I am particularly encouraged the President of the World Bank is wearing Australian boots this afternoon, made by R. M. Williams.
[laughter]
But that’s a wonderful part of the development of partnerships and they’re partnerships that go down to the individuals and spread to the whole world and we are very happy to be a part of it. Thank you very much.
Note: The World Bank’s press release regarding the arrangement can be found on the World Bank website.