Strengthening Private Sector Contributions to Sustainable Development
Singapore and the Asian Development Bank (ADB) have entered a new agreement aimed at enhancing investment in the Asia-Pacific region. The Memorandum of Understanding (MOU), signed on July 14, focuses on leveraging both public and private sector resources to promote sustainable and inclusive development, according to the Ministry of Finance (MOF).
The MOU was signed by Deputy Prime Minister Lawrence Wong and ADB President Masatsugu Asakawa during the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, where Mr Wong is participating. The new agreement updates the previous MOU from 2012.
This updated MOU builds upon previous collaborations by emphasising the mobilisation of investment, financing, management expertise, and technology from both the public and private sectors in Singapore. These resources will support private sector development projects in ADB’s developing member countries.
The agreement also highlights collaboration on promoting new technologies and processes in areas such as building liveable cities, tackling climate change, and using financial technology to enhance financial market efficiency. Additionally, it aims to further strengthen cooperation on digital innovation.
Mr Wong, who is also Singapore’s Finance Minister, stated, “The ADB has been a steadfast development partner for the region. Since the pandemic, ADB has swiftly provided the necessary financing to protect lives and livelihoods. Singapore is proud to continue our close partnership with ADB, focusing on innovative solutions to challenges like climate change and energy transitions.”
Mr Asakawa referred to Singapore as an “important partner” in helping deliver investment to developing member countries. He added that through this MOU, ADB and Singapore would continue their efforts to support private sector projects that address the region’s infrastructure, financial, and social needs, helping countries achieve their Sustainable Development Goal commitments.
The ADB’s Singapore office will play a central role in expanding cooperation under this MOU, further enhancing its engagement with the Singapore Government and facilitating connections with international partners, including project sponsors, contractors, advisors, and financiers.
As a founding member of ADB since its establishment in 1966, Singapore formally ceased borrowing from the bank in 1998. It has since contributed to ADB’s concessional funds and the ASEAN Infrastructure Fund, which is also supported by ADB.
