First G20 meet concludes with focus on Urban Infrastructure

The first Infrastructure Working Group (IWG) meeting under India’s G20 presidency concluded in Pune with focus on Urban Infrastructure. The two day meeting discussed the flagship theme of “Financing Cities of Tomorrow –Inclusive, Resilient and Sustainable”.

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The first G20 Infrastructure Working Group (IWG) meeting under India’s G20 presidency concluded on 17^th January 2023 with member countries unanimously agreeing on work plan, priorities and principles in areas of urban infrastructure and building cities of the future.

The two-day meeting attended by 64 delegates from 18 member countries, 8 guest countries and 8 international organizations discussed the flagship theme of “Financing Cities of Tomorrow – Inclusive, Resilient and Sustainable”.

Solomon Arokiaraj, Joint Secretary, Department of Economic affairs, Ministry of Finance said the five key areas they would focus on were how to make cities sustainable, resilient and inclusive and meet financial needs of the cities. They will also focus on ways to attract more funding to support infrastructure along with how cities would have to plan dynamically with a people-centric approach.

The Asian Development Bank (ADB) conducted a High-Level Workshop on “Financing of Cities of Tomorrow” where 15 international experts discussed how the cities of tomorrow must tie together their key administrative functions, planning, funding and financing to increase private sector participation.

Suggesting that emerging countries could replicate the Mexican Municipal Bond Model to fund infrastructure projects, Arokiaraj stated “Indian municipal bond market has just started to take off and Mexican municipal bond programme would be helpful.”