July 19 – The conference of financial institutions and development banks of G20 countries ended yesterday in Moscow. “Sustainable Growth through Long-Term Investments”, organized by the Russian Vnesheconombank (VEB) and the Russian Presidency of the G20, was attended by the World Bank, the EIB and twenty public financial institutions from G20 countries, including KfW, CDC, and CDP. The conference concluded with the unanimous approval of a document that will be submitted to the next G20 Summit, scheduled on September 5 and 6, 2013 in St. Petersburg. Franco Bassanini, leader of the delegation, during his final address highlighted the need to create the conditions to encourage the development of long-term investment by “stopping the speculative and pro-cyclical short-term approach, which still dominates the international financial system.” And this, according to the CDP President, is “the way to go to promote a model of sustainable economic development, aimed at a long-term growth.” Bassanini also stressed “the emergence of a broad convergence between all financial institutions of the G20, not only on the crucial role of long-term investment in the promotion of sustainable global growth, but also on the conditions required for channeling financial resources and attracting long-term investments.” Finally, he concluded by highlighting the need “to ensure a simple and transparent regulatory framework, a set of new financial instruments and mechanisms to mitigate risks, a system of effective tax incentives, and instruments to encourage the establishment of high-quality projects.”
