Saudi Gazette report

RIYADH — The G20-Organisation for Economic Cooperation and Development Taskforce on Long-term Investment held a virtual meeting on Wednesday to discuss the G20-OECD collaboration with institutional investors and asset managers to promote infrastructure investment and address the infrastructure financing gap which has grown even wider in the wake of the COVID-19 pandemic, Saudi Press Agency reported.

The G20-OECD Taskforce and its program of work helps to advance the work of the G20 Infrastructure Working Group as well as other related G20 groups addressing infrastructure financing and long-term financing issues. The Taskforce is made up of members from the G20 Infrastructure Working Group, non-G20 members from OECD countries, the Financial Stability Board, Asia-Pacific Economic Cooperation, APEC, governmental members, and private sector participants.

The Saudi G20 Presidency, along with the OECD, are actively engaging with investors to discuss the perspectives of asset owners and managers, identifying key issues and challenges, and providing a set of recommendations for improving the environment for private investment in infrastructure. The discussion is designed to support in alleviating the impact of the COVID-19 pandemic and address the continuing infrastructure financing gap and funding gap.

On this matter, the lead of Saudi G20 Infrastructure Working Group, Rakan Bin Dohaish said, "It is more important now, than ever before, to explore all methods to mobilize private investment in infrastructure to bridge the financing gap. Giving the impacts of COVID-19 and its economic devastation, this gap is likely to magnify as investment continues to dwindle, unless both public and private sectors collaborate and step forward.''

''The Extraordinary G20 Leaders’ Meeting and the G20 Finance Ministers and Central Bank Governors’ meetings have been successful in bringing nations together at a time of great uncertainty. The significant announcement of the debt relief agreement for developing nations is a witness of the commitment that the Saudi G20 Presidency has toward combating the COVID-19 pandemic."

He added: "The Saudi G20 Presidency genuinely believes that the G20-OECD report on collaboration with institutional investors and asset managers is going to support the future work on mobilizing the private sector investment in infrastructure that will result in a sustainable, resilient, and productive global economy."