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

Chandra Shekhar

Paris, Feb 19 (PTI) India today pressed for investment ofglobal surpluses into financing infrastructure in developingcountries with the help of multilateral development banks(MDBs).

Expressing concern over the lack of physical and socialinfrastructure in developing and low income countries, India''sFinance Minister Pranab Mukherjee said here that a high levelpanel on infrastructure financing being set up under the G20Development Agenda could focus on this issue.

The panel could work in a manner in which "globalsurpluses could be productively channeled into financinginfrastructure investment in developing countries through themodalities of MDBs," he said.

Addressing a gathering of BRICS (Brazil, Russia, India,China and S Africa) finance ministers on the sidelines G20meeting, Mukherjee said the major economies should standcommitted to ensure sufficient resources for MDBs.

To improve its own infrastructure, India is seeking aninvestment 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 studyregarding where the world economy would be in the near futureand the role of BRICS countries in it.

With South Africa joining the BRIC, the club of fourfastest growing economies, has now become BRICS.

The BRICS aims at submitting the report at their nextsummit scheduled to be held in Beijing in April.