Los Cabos: The Group of 20 (G20) nations concluded its closely-watched summit in Los Cabos Mexico on Wednesday, backing India’s call for investment in infrastructure to ensure sustained growth, global economic recovery, poverty reduction and job creation.
"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 G20 nations.
The declaration by the alliance, comprising of the world's leading and emerging economies, said that it recognised the impact of the continuing crisis on developing countries, particularly low income countries.
Indian Prime Minister Manmohan Singh has long pushed for long-term access to funds for infrastructure for developing countries asserting that fiscal prudence and austerity in debt-laden countries must be matched by measured fiscal expansion by surplus nations.
The view was endorsed by the world leaders that included US President Barack Obama, German President Angela Merkel, Chinese Prime Minister Wen Jiabao and Russian President Vladimir Putin on Wednesday.
“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," Manmohan Singh said in a statement.
At the end of the G20 summit, Europe also won support from world leaders for its ambitious but slow-moving overhaul of the euro zone, that included concrete steps towards integrating their banking sectors, a major reform long sought by the United States and other nations.
India had offered $10 billion to the International Monetary Fund's crisis-fighting reserves, joining a global drive to raise funds to help protect countries from fallout from the euro zone debt crisis.
The contribution was part of a pledge by Group of 20 (G20) countries, first declared in April, that was matched by equal offers by Brazil, Russia and Mexico while China rounded off the global push with a $43 billion pledge that took the war chest to $456 billion.