Press Release
☷Secretary of the Treasury Janet L Yellen Convenes Finance and Development Ministers and Multilateral Development Bank Leaders to Discuss Scaling Up High Quality Infrastructure Investment
U.S. Department of the Treasury ( By Press Release office)
Apr 29,2022
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WASHINGTON - On April 26 , 2022 , to mark progress on President Biden’s contribution to the values - driven , high quality infrastructure initiative announced at the Carbis Bay G7 Summit last year , U . S . Secretary of the Treasury Janet L . Yellen convened leaders of the multilateral development banks ( MDBs ) and ministries of finance and development that are shareholders of these development banks . The discussions focused on how to redouble efforts to increase infrastructure investment in low - and middle - income countries . Secretary Yellen closed the event with a call to action for the MDB leaders—with support from their shareholders—to implement bold and innovative approaches to step up quality infrastructure , including actionable plans to mobilize new private capital within six months . Participants included Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland , French Finance Minister Bruno Le Maire , Italian Minister of Economy and Finance Daniele Franco , Japanese Vice Finance Minister Masato Kanda , UK Minister of State for Asia and the Middle East Amanda Milling , German Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development Bärbel Kofler , and European Commission Director General of International Partnerships Koen Doens . Leaders of the African Development Bank , Asian Development Bank , Inter - American Development Bank , European Bank for Reconstruction and Development , and the World Bank also joined . Secretary Yellen highlighted the necessity of coming together to fill the multi - trillion - dollar gap between current infrastructure investment and need in developing countries . “We know that infrastructure investment—when done right—drives sustained and sustainable growth… and is essential to deliver basic services to people , to keep trade flowing , and to create jobs , ” said the Secretary . Secretary Yellen also called for participants to step up their support for infrastructure by leveraging public funds to mobilize private capital , and collective action solutions , adding that “multilateralism is the only effective response to global challenges . That’s why our approach to infrastructure must emphasize collective action . ” Deputy Prime Minister and Minister Freeland noted the importance of social infrastructure and gender equality . “At a time when working together and supporting our democratic partners is more important than ever , President Biden’s high quality infrastructure initiative will play a vital role in boosting infrastructure investments—including social infrastructure—in the countries that need it most , ” she said . “Canada will help mobilize private sector investment , build lasting and quality infrastructure around the world , and ensure that strategic plans for infrastructure take into account the barriers women face and promote gender equality . ”Minister Franco of Italy emphasized the importance of investing in health infrastructure . “Several countries in the world still show deficiencies in health infrastructure . MDBs can play a critical role in the design of inclusive and efficient healthcare systems , ” he said . “Importantly , any financing must ensure that the most vulnerable components of the populations are reached . ”On increasing climate finance ambition , President Malpass described innovations at the World Bank , “The World Bank’s climate - related diagnostic tools will encourage investment in climate - smart infrastructure including for adaptation and greenhouse gas emission reduction , ” he said . “Debt transparency and sustainability are also necessary steps toward building quality infrastructure as an asset class for developing countries . ” Secretary Yellen looks forward to the MDBs’ issuance of new private capital mobilization targets and ideas on more effectively leveraging shareholder engagement to further their work and complementary infrastructure initiatives . Treasury will continue to actively engage on these issues with the MDBs and in multilateral fora such as the G7 Partnership for Infrastructure Investment and the G20 Infrastructure Working Group .
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