Joint Media Release By Asian Development Bank and Singapore: ADB, Singapore Strengthen Cooperation

MANILA, PHILIPPINES (3 May 2012) – The Asian Development Bank (ADB) and Government of Singapore have signed a Memorandum of Understanding (MOU) to strengthen cooperation in sharing knowledge, research and innovation, and project preparation and capacity development activities.

"ADB values the knowledge, experience, and capacity of the Singapore agencies," said ADB President Haruhiko Kuroda, who signed the MOU. "Through stronger partnership with Singapore, we look forward to further contributing towards development and poverty reduction in Asia and the Pacific."

"We are committed to support inclusive and sustainable growth in the region, through the work of our agencies," said Deputy Prime Minister and Minister for Finance of Singapore, Tharman Shanmugaratnam, who also signed the MOU. "ADB, with its long history of effective support to the developing countries, has been and will continue to be our strategic partner."

In line with ADB's Strategy 2020 priorities and Singapore's expertise, the partnership will be in three key areas:

(i) Governance and Public Policy: Coordinating to share experiences on good governance and public policy through knowledge and capacity development. A key area is the development of financial surveillance, which promotes financial stability and is essential for sustaining growth.

(ii) Private Sector Development: Exploring activities that build on the importance of public-private partnerships, private participation, and investment in the areas of infrastructure and trade financing.

(iii) Infrastructure, Urban Development and Climate Change: Activities to promote sustainable urban development through knowledge and capacity support. Particular focus will be given on addressing climate change and its impact.

Singapore has been an active member of ASEAN, and has been working with ADB on various initiatives, including the ASEAN Infrastructure Fund.

Coordinated by the Ministry of Finance, Singaporean agencies working with ADB are: Centre for Liveable Cities; Energy Market Authority; International Enterprise Singapore; Lee Kuan Yew School of Public Policy; Ministry of Foreign Affairs; Monetary Authority of Singapore; PUB Singapore's national water agency; Singapore Cooperation Enterprise; S. Rajaratnam School of International Studies; and Sustainable Energy Association of Singapore.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2011, ADB approvals including cofinancing totaled $21.7 billion.