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TO generate economic growth and create employment for the future, governments need to invest in infrastructure and set concrete targets on how they plan to promote these investments within the next two years.迷你倉Addressing world leaders on the second day of the G-20 Summit in St Petersburg, Russia, yesterday, Prime Minister Lee Hsien Loong said that investment in infrastructure was one of the most positive and "practically achievable" agendas at the annual forum."(It is) key to preparing for the future, and the best way to boost demand over the medium term and increase competitiveness and long-term growth potential," he said in his remarks delivered at the imperial Konstantinovsky Palace.Mr Lee, however, noted two hurdles that many nations face today - the fact that traditional sources of funding are constrained, and a "basic mismatch" in risk and maturity preferences.Project developers want lengthy loan tenures to reduce their financing risks, while banks are unable to take long maturities especially with the tighter regulations in place.Institutional investors, like insurers and pension funds, can take longer positions but they still prefer seasoned projects with a more stable cash flow, said Mr Lee.He mapped out a number of ways to address these issues. First, it was important to develop capital markets to bridge the mismatch of risk and maturity preferences.Banks could finance the construction stage of a project while institutional non-bank capital could re-finance the post-construction period, said Mr Lee.Capital market instruments should be created to attract institutional funds and to complement bank capital, such as through infrastructure business trusts that would give investors diversified自存倉and more stable cash flows.Mr Lee also called for countries to make better use of institutions such as the World Bank and Asian Development Bank to "catalyse new sources of funding" for infrastructure."This way, the multilateral banks can leverage on their limited capital, (for example) by insuring risks and lowering barriers to entry of private investors in long-term debt instruments, and by issuing high-quality bonds themselves," said the prime minister.Another option is to look for ways to unlock more "bankable" projects, such as where multilateral banks lend their expertise to structure projects. Countries should also build up their capabilities in public-private partnership projects, he added."(We should) establish rules to provide clarity and reduce perceived risks, and develop capital market instruments to unlock financing and channel the capital into long-term productive investments," said Mr Lee. "This will generate growth and jobs for the long term."It was another packed day for the prime minister as he wrapped up his three-day visit to the Russian city. Earlier, he had separate bilateral meetings with Italian Prime Minister Enrico Letta and Spanish Prime Minister Mariano Rajoy Brey.Mr Lee sought their support for the completion of the European Union-Singapore FTA, which has to be ratified by the European Parliament. They also discussed the challenges facing the global economy and the steps that Italy and Spain were taking to recover from the eurozone crisis.Over the course of the summit, Mr Lee also had separate conversations with many G-20 leaders including US President Barack Obama, Chinese President Xi Jinping, German Chancellor Angela Merkel and Indian Prime Minister Manmohan Singh.迷你倉新蒲崗