US Treasury head appeals to G7 nations for infrastructure investment

By Ovunc Kutlu

ANKARA (AA) - US Secretary of Treasury Janet Yellen on Friday called for G7 leaders and multilateral development banks to increase infrastructure investment in low- and middle-income countries.

Yellen asked the officials in a meeting to implement steps in quality infrastructure, including plans to mobilize new private capital within six months.

"We know that infrastructure investment—when done right—drives sustained and sustainable growth… and is essential to deliver basic services to people, to keep trade flowing, and to create jobs," she said, according to a statement by Treasury Department.

Some of the participants in the discussion included Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland, French Finance Minister Bruno Le Maire and Italian Minister of Economy and Finance Daniele Franco.

Leaders of the African Development Bank, Asian Development Bank, Inter-American Development Bank, European Bank for Reconstruction and Development, and the World Bank also joined the discussion.

The G7 countries -- the US, the UK, Canada, Germany, Italy, France and Japan, plus the EU -- decided last year to cut down approximately $40 trillion gap in infrastructure funding by 2035 that low- and middle-income countries currently face.