ADB, Singapore tie up to promote investments, innovation in AsPac

MANILA, Philippines — The Asian Development Bank (ADB) and Singapore have inked an agreement to promote investments and innovation in the Asia Pacific region.

ADB president Masatsugu Asakawa signed a memorandum of understanding (MOU) with Singapore Deputy Prime Minister and Finance Minister Lawrence Wong to work together in mobilizing investment, financing, management skills and technologies for private sector development projects in the region.

“Through this MOU, ADB and Singapore will continue to cooperate to support private sector development projects that contribute to the region’s infrastructure, financial, and social needs, and help countries achieve their Sustainable Development Goal (SDG) commitments,” Asakawa said.

The SDGs are global goals representing a universal call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity by 2030.

The agreement replaces the one entered into by the parties in 2012 to enhance knowledge sharing and cooperation in governance and public policy, private sector development, and climate change.

Through the new MOU, the ADB and Singapore committed to work together to promote the use of new technologies and innovative processes in the development of livable cities and in addressing the challenges of climate change.

The parties will also be promoting the use of financial technology for improved financial market efficiency and strengthen collaboration on digital innovation.

ADB’s Singapore Office that opened in 2020 will play an important role in the partnership.

In particular, it will be responsible for enabling ADB to have a stronger engagement with the Government of Singapore, as well as with knowledge partners, project sponsors, financiers, and other international financial institutions located in Singapore.

Despite the COVID-19 pandemic, Wong said ADB’s Singapore Office was able to mobilize investments for private sector projects in developing member countries of the multilateral institution.

“Singapore is glad to advance our close partnership with the ADB. This will enable us to focus on new and innovative approaches to challenges like climate change and energy transitions. This will also help ensure shared prosperity and more sustainable development for the region,” Wong said.