The Group of 20 nations comprising the largest economies of the world has agreed to increase in the infrastructure sector of the developing countries as a way to boost the global economic growth.
Leaders gathered at a resort town in Mexico for the summit agreed to a common declaration aimed at more investment in infrastructure of the developing world. "We will intensify our efforts to create a more conducive environment for development, including supporting infrastructure investment," the declaration read.
The 14 page declaration was released at the end of the seventh summit of the Group of 20 developed and developing countries. It also noted that the leaders recognize the continuing effect of the economic crisis on the developing world.
Indian Prime Minister Manmohan Singh said in a statement at the conclusion of the summit that the Los Cabos declaration is based on the initiative that said that the investment in infrastructure will help bost the global economic growth.
Meanwhile, Dr Singh has announced that the country will contribute $10 billion to the IMF's additional economic security fund of 430 billion meant for the Euro Zone.