Joe Hockey believes infrastructure development is going to be one of the greatest poverty alleviation tools in the next 50 years.
The treasurer, in Washington on Thursday (Friday AEDT) to chair a two-day G20 finance ministers meeting, was at a signing ceremony launching the World Bank's Global Infrastructure Facility - which aims to unlock billions of dollars for investment in the developing world.
The ceremony was also attended by the heads of some of the world's largest asset management and private equity firms, pension and insurance funds, and commercial banks.
Mr Hockey said it is important to have collaboration with the private sector because it has the money and many of the skills to make things happen.
"This infrastructure is going to be one of the greatest poverty alleviation tools in the next 50 years as we improve productivity right across the globe," he said.
He said infrastructure is going to improve quality of life for the most needy through better water, electricity, education and health facilities.
Infrastructure has been a key part of the G20's agenda under Australia's 2014 presidency.
Earlier, Mr Hockey had an hour-long discussion with US Federal Reserve boss Janet Yellen.
Asked on Network Seven television for details of those talks, Mr Hockey said: "I can't kiss and tell ... I'm not allowed to do that."
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