Singapore, US sign expanded infrastructure development MOU that now covers green projects

SINGAPORE has renewed and expanded a memorandum of understanding (MOU) with the US to deepen cooperation on infrastructure development, such that the collaboration will now cover green and sustainable infrastructure projects in Asia too.

The MOU between Singapore's Infrastructure Asia and the US International Development Finance Corporation (DFC) builds on an earlier 2019 agreement.

New approaches to activate and mobilise private sector participation will be explored, such as a Clean Energy Roundtable with businesses from the US, Singapore and Asia, said Singapore's Ministry of Trade and Industry (MTI) and Infrastructure Asia in a statement on Tuesday (Mar 29).

Infrastructure Asia was set up by Enterprise Singapore and the Monetary Authority of Singapore in 2018 to support infrastructure financing and development in Asia.

MTI permanent secretary Gabriel Lim and DFC chief executive officer Scott Nathan signed the MOU on Tuesday morning in Washington DC, on the sidelines of Prime Minister Lee Hsien Loong's bilateral visit to the US from Mar 26 to Apr 2.

Later on Tuesday, Lee is slated to meet US President Joe Biden and Vice-President Kamala Harris.

With the MOU, Singapore and US businesses can look forward to more infrastructure development and financing opportunities to "unlock Asia's potential", said MTI and Infrastructure Asia.

The MOU will foster collaboration through information sharing, deal facilitation, capability building initiatives, and by supporting potential infrastructure projects in the region, in expanded areas of mutual interest, they added.

The new areas include renewable energy; carbon capture, utilisation, and storage; and hydrogen.

The original version of the MOU was signed on the sidelines of then Minister for Trade and Industry Chan Chun Sing's visit to Washington DC in March 2019, when the DFC was still called the US Overseas Private Investment Corporation (Opic).