ADB opens Singapore office

Singapore

ASIAN Development Bank (ADB) opened its new office in Singapore, marking deepening efforts with the Republic to collaborate on some of the most pressing development challenges facing Asia and the Pacific.

The office, opened by the organisation's president Masatsugu Asakawa and Singapore's Deputy Prime Minister and Minister for Finance Heng Swee Keat, will look into more avenues to enhance cooperation between ADB and Singapore across the region. Measures include tackling climate change, financing and building quality infrastructure, pioneering innovation in development operations, and managing urbanisation.

ADB assists its members and partners by providing loans, technical assistance, grants and equity investments to promote social and economic development.

Led by Sonali Tang, the lean and focused Singapore office comprises 12 specialists from ADB's private sector operations department (PSOD) and office of public-private partnership working in a range of sectors including infrastructure, financial institutions, agribusiness, health and education, trade finance, private equity and co-financing.

ADB's private sector operations promote the investment of private capital for development purposes. PSOD operations completed 38 transactions last year, which accounted for around 20 per cent of ADB's total operations by number.

ADB aims to increase this to one-third of total operations by 2024.

The office will facilitate the organisation's engagement with clients, project sponsors, financiers, advisers, contractors, other international finance institutions and professional service providers.

Mr Asakawa commented: "Singapore's sophisticated private and public sector eco-systems will help us to mobilise investments and bring the latest technologies and management skills to development projects across the region. The new office allows us to work closer with Singapore, leveraging its strengths particularly in infrastructure and innovation to support our developing member countries."

Mr Heng noted ADB has estimated that developing Asia will need US$1.7 trillion per year in infrastructure investments until 2030. "Singapore shares ADB's assessment that infrastructure is critical to the future development of Asia . . . By realising synergies with our financial and services ecosystem, ADB can play an even more substantial role in meeting the region's immense demand for infrastructure."

He said the city-state is committed to furthering its partnership with ADB, including through project development, sharing of best practices and deal brokering, to promote strong, sustainable and inclusive growth for the region.

Singapore was a founding member of ADB in 1966.