Australia’s Brisbane city will host a summit of the world’s 20 largest nations in 2014.

The Brisbane authorities were granted about $370 million to hold the event, Moskovskiy Komsomolets reports with a reference to ABCNews.

Australian PM Julia Gillard expressed confidence that Brisbane is a “world-class city” and will be able to host the guests.

“I’m very confident that in 2014 Brisbane will be there on the world stage,” Brisbane Times quotes Gillard.

The last G20 summit took place this June in Mexican resort Los Cabos.