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Home News Treasury wins $30m for Infrastructure Hub as new CEO appointed
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PEOPLEChristopher Heathcote, Joe Hockey, John Fraser, Kelly O'Dwyer
DEPARTMENTSGlobal Infrastructure Hub
TAGS Business/Finance, G20, infrastructure
The new John Fraser-chaired Global Infrastructure Hub in Sydney is starting to take shape, with a new CEO from Britain, funding, and a mission from participating governments to fill the shortfall in funding crucial G20 and OECD projects.
Federal Treasury has won $30 million of funding to support the new Global Infrastructure Hub located in Sydney. The Hub was promoted by Australia at last year’s G20 meeting in Brisbane and is an attempt to develop new approaches to private sector infrastructure investment, to make up for the expected short fall in global government capacity to meet infrastructure demand.
Treasurer Joe Hockey announced the funding of $30 million from Australia over five years in a media release also announcing the appointment of former Macquarie Funds executive, Christopher Heathcote, as the inaugural CEO. The Hub is a not-for-profit company limited by guarantee and will be chaired by Treasury secretary John Fraser.
The United Kingdom, China, Saudi Arabia, New Zealand, the Republic of Korea, Mexico and Singapore have also committed to make financial contributions, which together total about $20 million.
The board of directors will include representatives of four G20 countries — the United Kingdom, China, the Republic of Korea and Turkey.
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