An industry group has launched a new universal system that compares construction project costs around the world.
The International Construction Measurement Standards (ICMS) coalition said in a statement on Monday that its system aims to improve cost prediction in infrastructure projects and slash infrastructure investment risk.
The coalition was formed during a meeting at the International Monetary Fund in June 2015.
Financing needed for infrastructure projects including buildings, energy systems, railways, bridges, schools and hospitals can often be risky because infrastructure projects across the globe categorise and forecast the construction costs differently, the ICMS statement said.
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