Development banks back G20 investment hub

The world's top development banks have thrown their support behind G20 plans for a global infrastructure hub to spur growth and create jobs, saying it's key to helping tackle poverty.

The Group of 20 of the world's biggest developed and emerging economies agreed in September to establish the Global Infrastructure Initiative.

It's expected to be based in Sydney and to share information about matching investors with projects.

The main goal is to cut red tape and close the "information gap" between potential investors and projects as the G20 looks to spur world economies by shifting from government-led growth towards private sector-led growth.

The plan has now been backed by the African Development Bank, Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, World Bank and IMF.

"We stand ready to bring our experiences and skills to the G20's work on infrastructure and to support a proposed new global infrastructure hub," the banks said in a statement on Thursday.

"Infrastructure is key to tackling poverty and promoting inclusive growth."

The multilateral development banks provide over $US130 billion ($A141 billion) of financing for infrastructure each year.

They are developing new platforms to mobilise private finance on a larger scale through regulatory reforms.

The G20 leaders' meeting opens in Brisbane on Saturday.