A Global Infrastructure Hub will be set up in Sydney to increase investment, after a deal was brokered at the G20 summit on the weekend.

“Demand for infrastructure investment over the next decade will outstrip the funding capacity of governments alone so private sector involvement is critical,” Prime Minister Tony Abbott said in a statement announcing the project.

“The Hub could help unlock an additional $2 trillion in global infrastructure capacity to 2030”.

With concrete facts still scarce, reports say the Hub will help countries improve their investment climates, reduce barriers to investment, and “grow their project pipelines”.

The Australian Government will be a big contributor to the local hub with other G20 members, non-member countries, international organisations, non-government stakeholders and the private sector putting in as well.

“We look forward to finalising the details of this support after the Summit and welcome further offers of financial and in-kind support from other G20 and non-G20 countries and the private sector,” Mr Abbott said.

Development banks such as the IMF and the OECD say they are on board already.

“Establishing the Global Infrastructure Hub is a significant and practical initiative by the G20 to drive faster progress on its infrastructure agenda and move engagement with the private sector beyond business as usual,” Mr Abbott says.