Skip to content
Search

Latest Stories

Alok Sharma launches new commission to boost infrastructure in developing countries

THE UK’s Indian-origin cabinet minister, Alok Sharma, announced a new commission, bringing together leading experts to turbo-charge quality infrastructure projects in developing countries.

The focus of the new panel launched on Wednesday (28) by the British international development secretary will help make investment in infrastructure in the world’s poorest nations more attractive to businesses and investors.


The International Development Infrastructure Commission will be made up of the UK and international business leaders, bringing the best of British expertise.

The panel will make recommendations to improve the planning, delivery, and financing of infrastructure projects in developing countries.

Mobilising private sector funding in infrastructure is essential to help plug the annual £2 trillion ($2.5 trillion) gap that the poorest countries need to meet the global goals.

Sharma said: “An extra $2.5 trillion is needed every year to end poverty in developing countries and the UK must mobilise private sector investment to overcome this challenge.

“Alongside the lifesaving work of the UK aid, we need to boost infrastructure projects that form the backbone of economic growth.

“This commission will aim to turbo-charge investment in green, sustainable infrastructure, leading to more jobs, better access to basic services and opportunities for businesses, creating the UK’s future trading partners.”

The commission is devised as a group of infrastructure leaders from the UK, Africa, and Asia, who will advise Sharma on how to increase the UK’s role in promoting inclusive growth while meeting environmental commitments.

The panel will help facilitate private sector support to build more sustainable and resilient cities and improve access to clean energy and water.

More For You

BoE governor Andrew Bailey

BoE governor Andrew Bailey acknowledged the AI sector in the US is "very concentrated"

Getty Images

Bank of England warns AI bubble risk could trigger sharp tech correction

Highlights

  • UK share prices close to most stretched levels since 2008 financial crisis.
  • AI infrastructure spending could top $5 tn, with half funded through debt.
  • Homeowners face £64 monthly increase as 3.9 m refinance mortgages by 2028.
The Bank of England has warned of a potential "sharp correction" in the value of major technology companies, with growing fears of an artificial intelligence bubble reminiscent of the dotcom crash.

The central bank's financial stability report revealed that share prices in the UK are close to the "most stretched" they have been since the 2008 global financial crisis, while equity valuations in the United States are reminiscent of those before the dotcom bubble burst in 2000.

Valuations are "particularly stretched" for companies focused on AI, the Bank warned. It cited industry figures forecasting spending on AI infrastructure could top $5 tn (£3.8 tn) over the next five years, with around half funded through debt rather than by AI firms themselves.

Keep ReadingShow less