G20 Seoul Multi-Year Action Plan on Development (Annex II), 11-12 November 2010

Sectors : Education capacity, Employment and Training, Economic governance and public finance management, Financial Institutions, markets, services and microfinance, Investment, Energy, Infrastructure General, Regional cooperation and integration, Social protection
Organisation : G20
Date made: 
2010
Level: 
Heads Of State
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Commitments in: Private Sector development and financial services for the poor - Employment and Training

“ACTION 2: ENHANCE NATIONAL EMPLOYABLE SKILLS STRATEGIES 

The MDBs, ILO, OECD and UNESCO have agreed today to form a unified and coordinated team with the aim of supporting a pilot group of self-selected LICs to enhance their national strategies to develop skills, improve productivity in existing jobs, and promote investment in new jobs. This action should: 

Focus on strengthening national and regional vocational education and training institutions and programs; 

Build on the G20 Training Strategy submitted at the Toronto Summit and begin by identifying existing gaps that act as barriers to increasing investment in skills development and productivity, including through considering the impact of gender gaps and health problems such as non-communicable diseases; and 

Review the work done and, based on the results achieved, consider a wider roll-out of the program to LICs and middle income countries. (2012)” 

 
Scope: 
International

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“ACTION 1: ESTABLISH THE GLOBAL PARTNERSHIP FOR FINANCIAL INCLUSION 

We will launch the Global Partnership for Financial Inclusion (GPFI) to provide a systematic structure for implementing the G20 Financial Inclusion Action Plan in close collaboration with the Alliance for Financial Inclusion (AFI), the Consultative Group to Assist the Poor (CGAP), and the International Finance Corporation (IFC). (November 2010) 

The GPFI will (i) facilitate an efficient and effective information sharing mechanism; (ii) coordinate the various financial inclusion efforts (iii) provide systematic monitoring of progress over time (iv) mobilize financial support for activities as needed, and (v) launch and coordinate taskforces to address specific financial inclusion issues (e.g. financial inclusion data). The GPFI will coordinate its work with the APEC initiative and other financial inclusion initiatives.”

 
Scope: 
International

“ACTION 3: IMPLEMENT THE ACTION PLAN FOR FINANCIAL INCLUSION 

We will adopt the G20 Financial Inclusion Action Plan to promote the application of the Principles for Innovative Financial Inclusion (the Principles) and the lessons learned from the SME stocktaking exercise. (November 2010) 

The actions to be implemented include (i) advancing the implementation of the Principles through a commitment by each G20 member to implement at least one of the Principles; (ii) encourage the Standard Setting Bodies to further incorporate financial inclusion objectives into their work; (iii) encouraging further private sector activities to increase access to financial services; (iv) strengthening and expanding data availability for measuring financial inclusion and methodologies for countries that wish to set financial inclusion targets; (v) supporting peer-learning capacity building and training; (vi) improving coordination at the national and international levels; and (vii) integrating financial inclusion into financial assessment programs.”

 
Scope: 
International

Commitments in: Private Sector development and financial services for the poor - Investment

“ACTION: SUPPORT RESPONSIBLE VALUE-ADDING PRIVATE INVESTMENT AND JOB CREATION 

We will identify, enhance as needed, and promote the best existing standards (developmental, social and environmental) for responsible investment in value chains and voluntary investor compliance with these standards. (June 2011)...

...The G20, MDBs, UNCTAD, UNDP, ILO and OECD will, based on the outcomes of this and other work, assist developing countries, in particular LICs, to develop action plans with the view to strengthen financial markets to boost small and medium enterprises (SMEs), improve the business investment climate, maximize the value-added of private investment and support the regulatory framework for foreign and domestic investment. Existing international investment arrangements between G20 countries and LICs will be strengthened to promote investment in LICs. (June 2012)” 

 
Scope: 
International

Commitments in: Infrastructure - Infrastructure General

“ACTION 1: DEVELOP COMPREHENSIVE INFRASTRUCTURE ACTION PLANS... 

...Improving the domestic infrastructure investment climate 

• Working with LICs on a demand driven basis, assess and diagnose institutional, regulatory, policy, and public sector capacity bottlenecks in LICs that hamper public, semi-public and private investment in infrastructure and assist LICs in developing action plans within the context of national development goals and strategies to: 

(i) remove the bottlenecks to development, whole life costing and planning for investments in new infrastructure, operations and maintenance of existing infrastructure and rehabilitation of aging infrastructure; 

(ii) improve internal resource mobilization and increase fiscal space; and 

(iii) increase energy access, including by supporting more sustainable paths that make maximum use of cost effective renewable energy and resources, support energy conservation, and increase efficiency. (November 2011)” 

 
Scope: 
International

“ACTION 1: DEVELOP COMPREHENSIVE INFRASTRUCTURE ACTION PLANS... 

...Special measures for regional integration 

• Identify and make recommendations with respect to specific institutional, regulatory and policy changes needed for national policies and regional architecture to respond to the physical and economic needs of regional projects (November 2011); 

• Identify a limited number of regional initiatives with a plan for action to reduce bottlenecks and deliver concrete outcomes in these initiatives (November 2011); and 

• Identify MDBs’ institutional bottlenecks that may impede investment in cross-border and regional infrastructure projects. (November 2011)” 

 
Scope: 
International

“ACTION 2: ESTABLISH A G20 HIGH-LEVEL PANEL FOR INFRASTRUCTURE INVESTMENT 

We have created a High-Level Panel for Infrastructure Investment (HLP) to mobilize support for scaling up infrastructure financing. The HLP will last for one year, until the Summit in France. 

Composition 

Approximately 12 members will be appointed in a non-executive capacity for their expertise and authority in developing country public infrastructure investment needs, public finance and economics, constraints in LICs, sovereign wealth fund investment criteria, public private partnerships, project finance, innovative finance, and risk management (February 2011; December 2010 for appointment of Chair); and 

Administrative and technical support and resources will be provided by a dedicated group of experts from the MDBs and the private sector. 

Terms of Reference 

The HLP will: 

• Review MDB policy frameworks and identify and recommend concrete measures to scale up finance and diversify the sources of affordable financing for infrastructure needs, including from public, semi-public and private sector sources; 

• Take into account the limitations of risk bearing capacity of private and semi-public finance, lessons of successes and failures from the past and ongoing programs, best practice, the importance of durability and whole life costing, and innovative ways to mitigate and intermediate risks to attract finance; and 

• Review the MDB Action Plan and provide independent comment in an iterative process to ensure workability, the maximization of the outcomes and a focus on environmental sustainability and transparency...” 

 
Scope: 
International

Commitments in: Private Sector development and financial services for the poor - Social protection

“ACTION 1: SUPPORT DEVELOPING COUNTRIES TO STRENGTHEN AND ENHANCE SOCIAL PROTECTION PROGRAMS 

Recognizing the vulnerabilities exposed by the global financial crisis, we call upon the UNDP, in consultation with the ILO, MDBs and other relevant international organizations, to: 

Identify lessons learned from the implementation of social protection mechanisms in developing countries, in particular LICs, during and after the crisis; 

Prepare best practice guidelines based on this experience; and 

Make recommendations on how to surmount barriers inhibiting cross-country knowledge sharing and program replication or expansion. 

The primary focus of this work will be on social protection mechanisms that support resilient and inclusive growth by helping vulnerable communities to deal with external shocks. It should consider options for improving the timeliness and accuracy of poverty data, including through further implementation of the UN Global Pulse Initiative.”

 
Scope: 
International