World Bank President Robert Zoellick will discuss topics other than gold while in Asia this week, in case you’re wondering.
One of those topics is infrastructure, which—to denizens in the developing world who struggle to move goods and people, drink clean water, and keep the lights on—may be more precious than any metal.
On Wednesday Zoellick was in Singapore for a prominent infrastructure conference, where he underlined that a focus on infrastructure is a key part of the solid growth agenda the G-20 is trying to tackle. He also noted some important facts. First, infrastructure investment represents two-thirds of growth increase in East Asia and about half of the growth increase in Africa. Second, the World Bank estimates the need for infrastructure investment and maintenance in developing countries will amount to about $900 billion a year.