Masatsugu Asakawa, president of the Asian Development Bank (ADB), and Lawrence Wong, deputy prime minister and minister of finance of Singapore, signed a Memorandum of Understanding (MOU) today to encourage more investment in the Asia and Pacific region and to acknowledge the value of private sector financing as well as the role it plays in igniting public sector resources for inclusive and sustainable development.
“Singapore is an important partner of ADB in delivering investment and innovation to our developing member countries (DMCs),” said Mr. Asakawa at the MOU signing ceremony held on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia. “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.”
In order to improve knowledge sharing and cooperation in governance and public policy, private sector development, and climate change, the MOU replaces one signed in 2012 between ADB and Singapore. By emphasizing the mobilization of investment, funding, management capabilities, and technologies for private sector development projects in ADB DMCs, the new MOU aims to strengthen these areas of collaboration.
ADB and Singapore will work together to promote the use of cutting-edge technologies and creative methods in fields like creating livable cities, combating the effects of climate change, and employing financial technology to boost the effectiveness of financial markets. ADB and Singapore will also intensify their cooperation in digital innovation.
“The ADB has been a steadfast development partner for the region,” said Mr. Wong. “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 mobilizing 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.”
The expansion of the partnership under this MOU will be largely facilitated by the ADB’s Singapore Office (SGO), which opened in 2020. The office will strengthen ties between ADB and other international financial institutions operating in Singapore as well as with the Singaporean government and knowledge partners, project sponsors, financiers, and financiers.
Singapore was an original ADB member when the bank was founded in 1966. It drew money from ADB until 1980 until formally ceasing to do so in 1998. Singapore has made concessional contributions to the Asian Development Fund and the Technical Assistance Special Fund since 2001. Singapore also actively participates in the ADB-supported ASEAN Infrastructure Fund.
While continuing its efforts to end extreme poverty, ADB is dedicated to establishing a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. It was founded in 1966 and is owned by 68 members, 49 of them are locals.
