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WASHINGTON Jahri
Evans Jersey , April 16 (Xinhua) -- Leaders of the United Nations,
G20 and multilateral development banks (MDBs) on Saturday pledged to cooperate
more with each other and to leverage more private resources in promoting global
infrastructure investment and implementation.

In 2015, MDBs, World Bank and the United Nations have made "unprecedented
collaborations" in promoting global infrastructure investment and
implementation, said UN chief Ban Ki-moon at the Global Infrastructure Forum
2016.

"I trusted that we will continue and strengthen this close cooperation in the
future," Ban said.

While noting closer cooperation among MDBs in the past few years Davon
House Jersey , World Bank President Jim Yong Kim said there is a
huge global infrastructure gap that requires strengthened cooperation and the
mobilization of more private resources.

More than one billion people in the world now live without access to the
electricity, said Kim.

"Estimates suggest that to close this energy gap sustainably, emerging market
and developing economies need to increase annual sector spending to 1.8 trillion
U.S. dollars by 2035, an increase of 75 percent over today's investment," said
Kim.

"Data also suggest we are not fully engaging our critical sources of support
for tackling these challenges, the private sector."

Kim noted that private commitments to infrastructure projects in emerging
economies were only 83 billion dollars last year Martellus
Bennett Jersey , down from the 112 billion dollars in 2014 and well
below the past five-year average of 124 billion dollars.

"We have to reverse this trend," said Kim. "During today's discussion I'd
like to hear your ideas on how multilateral development banks and our partners
can leverage more public and private investments and support new infrastructure
in developing countries."

"At this G20 meeting, G20 members have reached the consensus that we need to
encourage MDBs to invest more infrastructure," said Lou Jiwei, China's finance
minister and chair of 2016 G20 Finance Ministers and Central Bank Governors
meeting.

"They are also asking MDBs to take joint actions to formulate quantitative
ambition for quality projects, enhance the corporation between new and existing
MDBs Ty
Montgomery Jersey , mobilize resources from private sectors and to
enhance co-financing among MDBs as well as to canalize funds also from
development partners,"said Lou.

As a new MDB established in December 2015, Asian Infrastructure Investment
Bank (AIIB) signed its first co-financing framework agreement with World Bank on
Wednesday, paving the way for their cooperation on joint projects this year.

"We've just signed an agreement with President Kim about cooperation between
AIIB and World Bank and the same will be done with ADB (Asian Development Bank),
EBRD (European Bank for Reconstruction and Development) and other institutions,"
said Jin Liqun Quinten
Rollins Jersey , president of the AIIB.

"Because we all understand without combined concerted effort it is very hard
for us to meet the need of Asian development and other regions."

Jin also emphasized the importance of attracting more private resources to
fulfill world infrastructure need, saying "the most combined resources of all of
these MDBS can only meet approximately 10 percent of 1.5 trillion dollars
(global infrastructure need) every year. That's why we need to work together and
to mobilize the private sector resources."

Global Infrastructure Forum 2016 is the first year of this forum which is
expected to hold annually. It is an outcome of the Third International
Conference on Financing for Development.

Partner with the United Nations, the forum was established by 9 MDBS
including the World Bank Group, African Development Bank, Asian Development
Bank, Asian Infrastructure Investment Bank and New Development Bank Damarious
Randall Jersey , as well as development partners and
representatives of the G20, G24, and G77, to enhance multilateral collaborative
mechanisms to improve infrastructure delivery globally.

Related:

News Analysis: Sluggish global economy could have negative impact on U.S.

WASHINGTON, April 12 (Xinhua) -- The external shock by a sluggish global
economy could spark ripple effects in the U.S. economy and have a negative
impact, U.S.-based experts warned.

This comes as the International Monetary Fund (IMF) on Tuesday slashed its
global growth forecasts for the fourth time this year -- to 3.2 percent from 3.4
percent in January -- citing factors such as sluggish advanced economies and low
oil prices. Full story

IMF lowers 2016 global growth forecast amid rising risks

WASHINGTON Kenny
Clark Jersey , April 12 (Xinhua) -- The International Monetary Fund
(IMF) on Tuesday lowered its forecast for global growth in 2016 to 3.2 percent,
saying that the global economy grows at a sluggish pace that leaves the world
economy more exposed to risks.

The world economy is projected to grow 3.2 percent in 2016 and 3.5 percent in
2017, a downward revision of 0.2 percentage point and 0.1 percentage point,
respectively, compared with the IMF's forecasts in January, showed the IMF's
flagship report World Economic Outlook released on Tuesday.

NEW YORK Vince
Biegel Jersey , Sept. 22 (Xinhua) -- U.S. stocks ended mixed on
Friday, as rising geopolitical tensions between the Democratic People's Republic
of Korea (DPRK) and the United States weighed on the market.

The Dow Jones Industrial Average lost 9.64 points, or 0.04 percent, to
22,349.59. The S&P 500 added 1.62 points, or 0.06 percent Jamaal
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4.23 points, or 0.07 percent, to 6,426.92.

On the economic front, the seasonally adjusted HIS Markit Flash U.S.
Composite PMI Output Index came in at 54.6 in September Montravius
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consensus of 54.9.

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