Funds to Support Construction of Jurong Region and Cross Island Lines
In the fiscal year 2023, Singapore has allocated S$2.1 billion from its green bond proceeds to fund the expansion of its electric rail network, focusing on the Jurong Region Line and Cross Island Line. The proceeds are part of the country’s ongoing efforts to support clean transportation.
The allocation includes S$1.7 billion from the inaugural green bond issuance in August 2022, and S$400 million from the second tranche raised in August 2023. This amount is part of the S$2.8 billion raised in the second tranche.
The construction of both lines is expected to contribute to the country’s efforts to expand its public transport infrastructure, with S$2.4 billion from the green bonds set to be fully allocated by the end of FY2025. The Jurong Region Line and Cross Island Line will help improve connectivity and are essential components of Singapore’s long-term sustainability goals.
Additionally, funds from the green bonds have been temporarily held by the Monetary Authority of Singapore (MAS) for other eligible green expenditures, in line with the country’s green bond framework.
