Recover Together, Recover Stronger: EIB contributes to the G20 finance ministers and central bank governors meeting on a faster recovery of the global economy from the effects of COVID-19

(Source European Investment Bank– EIB)

A European Investment Bank (EIB) delegation led by Vice-President Gelsomina Vigliotti attended the G20 finance ministers and central bank governors meeting in Jakarta, Indonesia to support the formulation of the G20’s response to two major economic challenges — COVID-19 and climate change.

Held under the motto “Recover Together, Recover Stronger,” the two-day meeting brought together financial leaders from the 20 largest global economies to exchange views on global economic issues as well as ways to strengthen global health architecture and ensure the successful handling of any future global health crises similar to the coronavirus pandemic.

Finance ministers, central bank governors and representatives of key multilateral development banks, including the EIB, worked towards a common approach on the global economy, health, financial inclusion, sustainable finance and infrastructure.

EIB Vice-President Gelsomina Vigliotti said: “Alongside other multilateral development banks, the EIB plays a key role in delivering effective solutions for the major challenges of today — climate action, the COVID-19 recovery and the green economic transformation. Multilateral development banks can provide long-term financing and technical support, and more importantly, a crucial link between the public sector and private investors. As this year’s chair of the group of heads of multilateral development banks, the EIB will work to steer these banks to help the Indonesian G20 Presidency deliver on its Recover Together, Recover Stronger objective and secure a green and sustainable tomorrow for future generations.”

The EIB is the world’s leading financier of climate action projects, is a pioneer in innovative, green financial instruments and has decades of experience in financing infrastructure projects in the European Union and around the world. It was able to bring its extensive experience and know-how to the table at the G20 finance ministers and central bank governors meeting.

Head of the Regional Representation for Southeast Asia Sunita Lukkhoo, and the Head of the Permanent Representation of the EIB in Washington DC, acting as the EIB “sherpa” (representative) at the G20, Pedro De Lima, were also a part of the EIB delegation at this meeting.

Investments in infrastructure must support climate action

Vice-President Vigliotti also contributed to the discussion on international financial architecture, sustainable finance and infrastructure investment.

Speaking on the panel on infrastructure, Vice-President Vigliotti said: “For the EIB, investment in infrastructure is key to our identity. As the EU bank, we have made it our top priority to invest in cleaner transport, digital networks, energy efficiency and sustainable urban development. Our lending in urban areas also includes the development of social infrastructure, affordable housing and key public buildings. On that basis, and building on our activities, the EIB stands ready to continue its engagement with the G20 on infrastructure.”

EIB ready to support Indonesia on climate action

During the meeting, the EIB delegation met Indonesian Finance Minister Sri Mulyani Indrawati to discuss future EIB operations in the country and support for the G20. The EIB Group supports Indonesian President Joko Widodo’s call for the country to transition towards a sustainable green economy. The EIB is looking to back climate action investments in Indonesia as part of Team Europe and through EIB Global, its recently established development branch.

Following President Widodo’s statement during the One Ocean Summit in France earlier this month, the EIB Group is interested in supporting the Indonesian Blue Economy ambition of marine protected areas and plastic waste reduction through our Clean Ocean initiative.

As the world’s leading financier of forestry projects, the EIB is also ready to back the Indonesian government’s plans to rehabilitate some 600 000 hectares of degraded mangroves — vital ecosystems that will help successfully tackle climate change — by 2024.

EIB chairs the group of heads of multilateral development banks at the G20

This year, EIB President Werner Hoyer will be the chair of the group of heads of multilateral development banks at the G20, giving the EIB an opportunity to continue working with these banks to deliver timely and effective solutions for financing climate action and green COVID-19 recovery projects.

President Hoyer is also the chair of the D20 Long-term Investors Club (D20-LTIC), whose members are the leading financial institutions with a public mandate from the G20 countries.

The EIB at the G20 in 2022

Throughout 2022, the EIB will attend various ministerial and working-level meetings organised by the Indonesian G20 Presidency — particularly under the Finance Track — to provide a multilateral development bank point of view on core issues.

Building on the last year’s G20 Infrastructure Investors Dialogue, the D20-LTIC chaired by President Hoyer will contribute to the second infrastructure investors conference planned to take place in Jakarta on 14-15 July 2022, in close cooperation with the Indonesian G20 Presidency.

Finance ministers and central bank governors meeting 2022

Starting in 1999 as a meeting for finance ministers and central bank governors, the G20 has evolved into a yearly summit involving heads of state and government.

The presidency of the G20 rotates every year among its members, with the country that holds the presidency working together with its predecessor and successor, known as a troika, to ensure the continuity of the agenda. Currently, Italy, Indonesia and India are the troika countries.

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