Opening Remarks by Singapore Minister in the Prime Minister's Office and Second Minister for Finance and National Development Ms Indranee Rajah at the ADB-ASEAN+3 Report Ministerial Launch Event, 2 May 2023

Your Excellency Minister Arkhom Termpittayapaisith and Undersecretary Mark Dennis Joven, 

ADB Managing Director General Um Woochong,

Distinguished guests, Excellencies, Ladies and Gentlemen,

Good afternoon.

1. It is a great pleasure to join all of you this afternoon for the launch of the ADB-ASEAN+3 Report on “Reinvigorating Financing Approaches for Sustainable and Resilient Infrastructure in ASEAN+3”.

2. I would like to thank the ADB and the ASEAN+3 Finance Process for their hard work on the Report over the past year. The Report is timely in providing practical and implementable financing approaches to support infrastructure investments as the ASEAN+3 region pivots towards post-pandemic recovery and long-term growth.

3. So, let me offer three observations on how we can leverage the Report to scale up infrastructure investments.

4. First, building capacity. Structuring bankable projects will be key. The Report has helpfully distilled critical success factors from actual case studies that governments should be aware of when applying the financing approaches in their respective economies. I further encourage member economies to leverage the capacity building workshops that ADB and its partners, such as Infrastructure Asia, will be organising to deep dive into these financing solutions.

5. Second, connecting demand and supply. Linking up bankable projects with investors will be key in mobilising much needed private capital. The ADB is well-placed to facilitate this by connecting infrastructure projects with private, institutional and development finance players. The ADB Singapore Office can be a useful conduit to push the boundaries of private sector partnership in supporting the region’s post-pandemic needs.

6. Third, enhancing investor confidence. Raising investor awareness of innovative financing approaches will be key to encourage greater investments in marginally bankable projects via these platforms. In this regard, we should leverage key regional events, such as the Asia Infrastructure Forum and World Cities Summit, to conduct outreach activities to investors on the opportunities for investments in regional projects.

7. With the strong support of ADB and partners, I am confident that the Report can serve as a trusted and handy guide to reinvigorate infrastructure investments for a more sustainable and resilient ASEAN+3 region.

8. Thank you all very much.