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GIF team to be based in Singapore to develop project pipeline
A TEAM for the Global Infrastructure Facility (GIF) will be based in Singapore to grow the pipeline of projects that the GIF will facilitate.
The GIF is a new open platform that combines the efforts of various multilateral development banks, private sector and institutional investors, as well as governments, to collaborate on preparing complex infrastructure projects.
Singapore, represented by International Enterprise (IE) Singapore, is one of the six founding funding partners of the GIF. Other partners are Australia, Canada, China, Japan and the World Bank.
So far, the GIF has raised over US$80 million in seed funding from its funding partners.
GIF, which was launched in October last year, had its first Governing Council meeting in Washington DC on April 20.
It aims to raise long-term financing from private sector and institutional investors so that the pressing demand for infrastructure in emerging markets can be realised. Asia alone is expected to require US$1 trillion of infrastructure investments each year between 2010 and 2020.
IE Singapore will collaborate with the World Bank and the other GIF partners to reach out to governments and generate projects in line with GIF's aim of creating more bankable projects.
Tan Soon Kim, assistant chief executive officer of IE Singapore and Singapore's representative on the GIF Governing Council, said: "The GIF complements IE's infrastructure hub strategy to enhance market access and generate project and investment opportunities for Singapore companies. With their strong capabilities along the entire infrastructure value chain, coupled with experience operating in emerging and development economies, our companies can contribute to and benefit from the GIF's work to plug the infrastructure gap."
Jordan Schwartz, head of the GIF, added: "The Singapore office will be central to GIF operations in all respects and will encompass overall strategy, new product development, design of a downstream financing window, pipeline development, project assessment and monitoring, the hosting of events and convocations and the coordination with China, Japan, Australia, the ADB and other Asia-based members of our Governing Council."