KUALA LUMPUR – The Asian Development Bank (ADB) and Singapore have formed a partnership in order to encourage more investment in the Asia Pacific (APAC) region.
The purpose of the partnership also includes recognising the significance of private sector finance as well as catalysing resources from the public sector to create sustainable and inclusive development.
On the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting that took place on July 14 in Bali, Indonesia, ADB president Masatsugu Asakawa and Singapore’s Deputy Prime Minister and Finance Minister, Lawrence Wong, signed a Memorandum of Understanding (MoU) on the cooperation between their respective parties.
In a recent statement, Asakawa said “Through this MoU, ADB and Singapore will continue to cooperate to support private sector development projects that contribute to the (APAC) region’s infrastructure, financial and social needs, and help countries achieve their Sustainable Development Goal (SDG) commitments,”
Meanwhile, back in 2012, ADB and Singapore had previously signed an MoU to collaborate on strengthening knowledge sharing and cooperation in governance and public policy, private sector development, and climate change. This MoU is now replaced by the 2022 version.
Furthermore, the statement also explained that the new MoU aims to develop on the aforementioned areas of collaboration through concentrating on the mobilisation of investment, financing, managerial skills, and technologies for private sector development initiatives and projects in ADB developing member countries.
Additionally, according to the statement, the ADB and Singapore have also agreed to work together to promote the use of new technologies and innovative processes in areas such as for the development of livable cities, addressing the issues posed by climate changes, and applying financial technology (fintech) in order to improve the efficiency of financial markets.
Join our Telegram group for the latest updates!