Singapore, Asian Development Bank sign agreement to promote greater investment in the Asia Pacific
Deputy Prime Minister Lawrence Wong with Asian Development Bank President Masatsugu Asakawa at the signing of an MOU at the G20 Finance Ministers and Central Bank Governors meetings in Bali, Indonesia on Jul 14, 2022. (Photo: Facebook/Lawrence Wong)
SINGAPORE: Singapore and the Asian Development Bank (ADB) on Thursday (Jul 14) signed an agreement to promote greater investment in the Asia-Pacific region.
The Memorandum of Understanding (MOU) will also recognise the importance of private sector finance and catalyse public sector resources for sustainable and inclusive development, said the Ministry of Finance (MOF).
The MOU was signed by Deputy Prime Minister Lawrence Wong and ADB president Masatsugu Asakawa on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia. Mr Wong is attending the meetings.
The new MOU replaces one that was signed in 2012.
“The new MOU seeks to build on these areas of collaboration by focusing on mobilising investment, financing, management skills, and technologies - available from the Singapore public and private sectors - for private sector development projects in ADB developing member countries,” said MOF.
The bank and Singapore will cooperate in promoting the use of new technology and processes in areas such as developing liveable cities, addressing climate change challenges and utilising financial technology to improve financial market efficiency.
They will also further strengthen their collaboration on digital innovation.
Mr Wong, who is also Finance Minister, said: “The ADB has been a steadfast development partner for the region. Since the pandemic hit, ADB responded swiftly to meet the urgent financing of members to save lives and livelihoods.
“ADB’s Singapore office also made good progress in mobilising investments for private sector projects in developing member countries despite the challenges posed by the pandemic. Singapore is glad to advance our close partnership with the ADB.
“This will enable us to focus on new and innovative approaches to challenges like climate change and energy transitions. This will also help ensure shared prosperity and more sustainable development for the region.”
Mr Asakawa called Singapore an “important partner” of the ADB in delivering investment to developing member countries.
“Through this MOU, ADB and Singapore will continue to cooperate to support private sector development projects that contribute to the region’s infrastructure, financial, and social needs, and help countries achieve their Sustainable Development Goal commitments,” he added.
ADB’s Singapore office will play a central role in expanding cooperation under this MOU. It will deepen ADB’s engagement with the Singapore Government and assist in connecting with knowledge partners, project sponsors, contractors, advisors, financiers and other international financial institutions in Singapore.
Singapore was a founding member of the ADB when the bank was established in 1966. It borrowed from ADB until 1980 and formally graduated from borrowing in 1998.
Since 2001, Singapore has contributed to ADB’s concessional fund, the Asian Development Fund, as well as the Technical Assistance Special Fund. Singapore is also a participant in the ASEAN Infrastructure Fund which is supported by ADB.
