BALI — Asian Development Bank (ADB) President Masatsugu Asakawa and Singapore Deputy Prime Minister and Finance Minister Lawrence Wong today 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.
“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.”
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.
“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.”
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.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.