Singapore and Asian Development Bank signed Agreement to Encourage More Investment in Asia Pacific region

Singapore and the Asian Development Bank (ADB) have signed a memorandum of understanding to encourage greater investment in the Asia-Pacific region. According to the Ministry of Finance (MOF), the Memorandum of Understanding (MOU) would also recognise the importance of private sector finance and catalyse public sector resources for sustainable and equitable growth.

Deputy Prime Minister Lawrence Wong and ADB President Masatsugu Asakawa signed the MOU in Bali, Indonesia, on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting. The new agreement replaces one signed in 2012.

“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,” said MOF.

The bank and Singapore will collaborate to promote the use of innovative technologies and processes in areas such as the development of livable cities, tackling climate change concerns, and the use of financial technology to improve the efficiency of financial markets. Additionally, they will intensify their collaboration on digital innovation.

Mr Wong, who is also Finance Minister, 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.”

“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,” he added.

Source: Channel News Asia

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