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IE Singapore, IFC to lend Singapore firms entering Asia and Africa a hand
INTERNATIONAL Enterprise (IE) Singapore has signed an agreement with the World Bank's International Finance Corporation (IFC) to help more Singapore firms venture into the emerging markets of Africa and Asia.
The World Bank forecasts that growth of emerging markets is poised to reach 4.1 per cent this year, driving a demand for infrastructure to meet their economic and social needs.
Leveraging IE Singapore's network of 13 overseas centres across Asia and Africa, as well as IFC's financing knowledge, both institutions will co-host market-focused workshops for Singapore companies to share insights on potential business opportunities, financing landscapes and financing partners, they said in a joint release on Tuesday.
The agreement will also bolster IE Singapore's efforts to develop Singapore as an infrastructure hub, and enable local companies to diversify their sources of growth by bringing in capital and expertise into these markets.
IFC's new development finance strategy, or IFC 3.0, is anchored on creating markets, mobilising private capital and driving innovation. To this end, "Singapore's private sector is well positioned to help IFC unlock additional financing for global development challenges such as infrastructure," the agencies said.
In FY2017, IFC lent close to US$650 million to Singapore companies.
IFC is the largest global development institution focused on the private sector in emerging markets.
IE Singapore is the government agency that promotes international trade and partners Singapore companies to go global. In the second quarter of 2018, IE Singapore will merge with Spring Singapore to form Enterprise Singapore.