(1부에 이어서)
Long-term Financing for Investment
6. We recognize that long-term financing for investment, including infrastructure, is a key contributor to economic growth and job creation in all countries. We welcome the diagnostic report provided upon our request by international organizations (IOs), which assesses factors affecting long-term financing, including its availability, and which will provide a sound basis for the future G20 work. The report finds that the availability and composition of long-term investment financing have been affected by a combination of factors, with differing repercussions across borrowers and sectors. It also finds that there is scope for some sources of long-term financing, including local currency bond markets, domestic capital markets, and institutional investors to play a larger role for investment. At the same time, country-specific factors affect access to long-term financing and there is therefore much that countries can do to attract long-term financing.
7. Recognizing the essential role that the long-term financing plays in supporting our goal of strong, sustainable and balanced growth, we agreed to establish a new Study Group on Financing for Investment, which will work closely with the World Bank, OECD, IMF, FSB, UN, UNCTAD and other relevant IOs to further consider issues raised in the diagnostic report and determine a work plan for the G-20, considering the role of the private sector and official sources of long-term financing.
8. In support of this work, we encourage the OECD, together with other relevant IOs, to provide analysis of different government and market-based instruments and incentives used for stimulating the financing of long-term investment, as well as a survey report on pension funds’ long-term investments. We look forward to the OECD report on the “High Level Principles of Long-Term Investment Financing by Institutional Investors” by the Leaders` Summit in St Petersburg. The FSB will continue to monitor the possible effects of regulatory reforms on the supply of long-term financing.
We have asked the MDBs to consider modalities to optimize their lending capacity and to enhance the catalytic role they play in mobilizing long-term financing from other sources, including through PPPs. We encourage the World Bank and other relevant IOs to intensify their efforts in addressing weaknesses in infrastructure project preparation and design and, drawing on existing G-20 work, where relevant, come up with the recommendations on how to address this challenge. We also ask the MDBs to analyze the existing modalities of interaction with the National Development Banks(NDBs).
9. Deep and stable local capital markets continue to play an essential role as a reliable source of long-term financing. We welcome the ongoing work of the World Bank and other IOs on implementing the G20 Action Plan to support the development of local currency bond markets (LCBMs). We look forward to full implementation of the Action Plan and a progress report by July 2013. We ask IOs to explore how LCBMs might play a bigger role in financial deepening, taking into account individual country experiences and regional initiatives.
(계속)
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