On Saturday, the G20 Finance Ministers and Central Bank Governors endorsed the Riyadh InfraTech Agenda at their third meeting under the Saudi Arabian Presidency.
The InfraTech Agenda promotes the use of technology in infrastructure, with the aim of:
- improving investment decisions over the project lifecycle;
- enhancing value for money of infrastructure projects; and
- promoting quality infrastructure investments for the delivery of better social, economic and environmental outcomes.
The Global Infrastructure Hub (GI Hub) supported this Agenda through our work on a library of InfraTech use cases that provides a pool of evidence to support the adoption of InfraTech. As governments face increasing fiscal constraints due to the COVID-19 pandemic, the implementation of InfraTech and delivery of quality infrastructure are key steps that will help close the infrastructure gap.
We see technology as the new frontier for infrastructure – properly implemented and supported, InfraTech can optimise outcomes across the project lifecycle and has shown how it can help ensure continued operations of critical services through crises like COVID-19.
Within the G20 Communique, infrastructure was recognised as “a driver of growth and prosperity … critical to promoting economic recovery and resilience, and it can be further enhanced through the use of technology.” GI Hub’s CEO, Marie Lam-Frendo spoke during the FMCBG meeting and highlighted that infrastructure-related investments should, and will, become an important element of medium- to long-term stimulus measures to help drive global economic recovery.
Lam-Frendo stated that we have a short window of opportunity to make important decisions now that will enable more sustainable, inclusive and resilient infrastructure that is critical to our shared future.
GI Hub welcomes the inclusion of infrastructure in the Communique and the G20’s Action Plan in Response to COVID-19. We will continue to support the G20’s efforts through our work on the Infrastructure for Recovery Post-COVID-19 report and a member-led survey on the G20 Quality Infrastructure Investment (QII) Principles that aims to facilitate the compilation of good practices, provide analysis to highlight where more progress could be made and help inform the important work on QII indicators.
By working closely with the G20’s Infrastructure Working Group, other relevant working groups, MDBs and international organisations involved in the Action Plan, and the private sector, we remain committed to supporting G20 members in the global economic recovery from the impacts of COVID-19.
Read the G20 Riyadh InfraTech Agenda here
Read the Communique here