The Saudi G20 presidency concluded a one-day symposium oninfrastructure investment in Riyadh.
The symposium was held on the sidelines of the first G20Infrastructure Working Group (IWG) meeting, which took place on Wednesdayand Thursday in the Saudi capital.
The symposium brought together G20 member countries,international organizations, leading international and local asset managers,and institutional investors to discuss solutions to challenges that prevent orlimit private investment in infrastructure. It was also attended by relevantSaudi government entities to enrich and reflect local content.
The symposium's overall objective was to explore a potentialpartnership between the IWG and asset managers and institutional investors tocollectively promote infrastructure investment.
Dr. Fahad Al-Dossari, deputy governor for research andinternational affairs at the Saudi Arabian Monetary Authority, welcomedspeakers and guests at the event.
In his opening remarks, he highlighted the importance ofencouraging private sector investment in infrastructure to close the financinggap.
Al-Dossari said the Saudi G20 presidency will fostercooperation with the private sector to increase private investment and enhancethe quality of infrastructure spending.
"This symposium will provide an important forum for G20countries, international organizations, asset managers and institutionalinvestors to put into motion a new collaborative model to continue efforts inpromoting infrastructure as an asset class," he added.
The Global Infrastructure Hub estimates a cumulativeinfrastructure financing gap of $15 trillion to meet adequate globalinfrastructure needs between now and 2040.
According to the World Bank, around 1 billion peopleworldwide live more than 2 km away from a drivable road, almost 1 billion lackaccess to electricity, and 4 billion lack access to the internet.
Under the Saudi G20 presidency, the IWG will focus onpromoting private sector investment in infrastructure and exploring ways toutilize technology to increase efficiency, value delivery and sustainability ofinfrastructure investment.