Australia is pleased to have chaired the PIDG Governing Council and Supervisory Board in 2016, and to be continuing in this role in 2017.
Strong economic infrastructure underpins human development, enables movement of people and goods, provides access to and expands markets and services, facilitates innovation and enhances competitiveness.
However, the perceived risks of investing in emerging markets and developing economies make it difficult to attract the private capital necessary to meet the infrastructure gap in these countries.
For example, Australia’s Asia Pacific neighbours require some $26 trillion to meet their infrastructure needs by 2030. Our support for the PIDG helps address this gap.
Australian funding to InfraCo Asia Development and GuarantCo helps attract private capital and enhances PIDG’s capacity to provide local currency guarantees to infrastructure projects in our region.
Our engagement with PIDG also contributes to global efforts to advance the 2030 Agenda for Sustainable Development, especially SDG 9 on sustainable infrastructure.
"Strong economic infrastructure underpins human development."
We will continue to support the diversification of PIDG funding streams in order to enhance its impact, including by seeking a broader donor base and connecting with new commercial partners.
Australia is pleased to be a part of important progress towards a new PIDG governance structure. These changes will see the creation of a single consolidated board responsible for implementing development and investment priorities.
We welcome Andrew Bainbridge to the role of chair of the PIDG board and look forward to a smooth transition to the new structure in 2017.
Australia strongly supported the decision by the Governing Council in 2016 to make the PIDG board chair the organisation’s senior gender champion. We will work closely with Mr Bainbridge to ensure an ongoing commitment to gender equality outcomes in the PIDG and throughout its investments.
We will also continue to work with the PIDG to ensure that safeguards remain a key focus as the group seeks to set an example of leading practice in this area.
Australia looks forward to our ongoing partnership with the PIDG. We will work together to help it realise its goals as a best-practice development finance institution, and to deliver further tangible social and economic returns on infrastructure investments in frontier markets around the world.
Annual Report 2016
Annual Report 2016