Bali: Asian Development Bank (ADB) President Masatsugu Asakawa and Singapore Deputy Prime Minister and Finance Minister Lawrence Wong on Thursday signed a Memorandum of Understanding (MOU) to promote greater investment in the Asia and Pacific region and to recognize the importance of private sector finance as well as catalyzing public sector resources for sustainable and inclusive development.
The MOU was signed on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in the Indonesian island of Bali.
"Singapore is an important partner of ADB in delivering investment and innovation to our developing member countries (DMCs)," said Asakawa in a media release on Thursday.
"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," Asakawa stated.
The 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 mobilizing investment, financing, management skills, and technologies for private sector development projects in ADB DMCs.
ADB and Singapore will also cooperate in promoting the use of new technologies and innovative processes in areas such as developing livable cities, addressing the challenges of climate change, and utilizing financial technology to improve financial market efficiency. In addition, ADB and Singapore will further strengthen collaboration on digital innovation.
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 enhance engagement with knowledge partners, project sponsors, financiers, and other international financial institutions located in Singapore.
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 supported by ADB.
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