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.
Mr. 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.