G20 agrees to invest in infrastructure in developing countries

 Jun 20 (PTI) In a big success for India, the G20 countries today agreed to give priority to investment in infrastructure in developing countries as a way to stimulate global growth which has been stunted due to the faltering world economy and the Eurozone crisis. "We will intensify our efforts to create a more conducive environment for development, including supporting infrastructure investment," said a 14-page declaration released at the end of the seventh summit of the Group of 20 developed and developing countries in this pacific ocean resort in Mexico. 



 The declaration said that it recognised the impact of the continuing crisis on developing countries, particularly low income countries. "The Los Cabos declaration fully reflects our initiative that investment on infrastructure in developing countries can play a major role in strengthening development and in stimulating global recovery," Prime Minister Manmohan Singh said in a statement at the conclusion of the summit. Singh while pushing for expansion of investment in infrastructure in developing countries has said it is of special significance. "Investment in infrastructure is necessary as means of stimulating global growth," he said at the plenary session of the summit of the G20, which accounts for 80 per cent of the global output. "It lays the foundation for rapid growth in the longer term while providing an immediate stimulus for their economies and also for the global economy by providing a robust sources of demand," he said.