Singapore and Asian Development Bank Agree To Promote Investment and Innovation Across Asia and The Pacific14 Jul 2022
BALI, INDONESIA (14 July 2022) — Singapore Deputy Prime Minister and Finance Minister Lawrence Wong and Asian Development Bank (ADB) President Masatsugu Asakawa signed a Memorandum of Understanding (MOU) today to promote greater investment in the Asia and Pacific region, and to recognise the importance of private sector finance and catalysing public sector resources for sustainable and inclusive development.
2 The 2022 MOU replaces a 2012 MOU between ADB and Singapore to enhance knowledge sharing and cooperation in governance and public policy, private sector development, and climate change. 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.
3 ADB and Singapore will also cooperate in promoting the use of new technologies and innovative processes in such areas as developing livable cities, addressing the challenges of climate change, and utilising financial technology to improve financial market efficiency. In addition, ADB and Singapore will further strengthen their collaboration on digital innovation to include areas of mutual interest, such as startup support, deep tech, and the use of enhanced digital technologies for 21st century skills.
4 At the MOU signing ceremony held on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, DPM Lawrence Wong 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.”
5 “Singapore is an important partner of ADB in delivering investment and innovation to our developing member countries,” said ADB President Asakawa. “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.”
6 ADB’s Singapore Office (SGO), which opened in 2020, will play a central role in expanding cooperation under this MOU. The office will deepen ADB’s engagement with the Government of Singapore, as well as assist ADB’s Private Sector Operations Department and Office of Public-Private Partnership to efficiently engage with knowledge partners, project sponsors, contractors, advisors, financiers, other international financial institutions located in Singapore.
7 Singapore was a founding member of ADB when the bank was established in 1966. It borrowed from ADB until 1980 and graduated formally 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 an active participant in the ASEAN Infrastructure Fund that is supported by ADB.
Ministry of Finance
14 July 2022