The Asian Development Bank (ADB) will open an office in Singapore in the second half of this year.
Singaporean Deputy Prime Minister Heng Swee Keat on June 28 inked the deal to set up the office with ADB President Takehiko Nakao on the sidelines of the G20 summit held in Osaka, Japan. (Source: MCI)
Singaporean Deputy Prime Minister Heng Swee Keat on June 28 inked the deal to set up the office with ADB President Takehiko Nakao on the sidelines of the G20 summit held in Osaka, Japan.
Nakao said that as one of the world’s leading financial and commercial hubs, Singapore is well suited to support the ongoing expansion of ADB’s private sector activities.
Mobilising money in the private sector from markets like Singapore helps the bank to bring the latest technologies and management skills to development projects across the region in the infrastructure and social sectors, he stressed.
The Singapore office will help achieve this growth by making it easier to efficiently engage with its partners in the region, including project sponsors, international financial institutions and professional service providers.
ADB has estimated that developing Asia will need 1.7 trillion USD per year in infrastructure investments until 2030 to maintain the region’s growth momentum.
Private sector operations will also strengthen support for frontier economies and expand operations in agriculture and social sectors such as health and education, in addition to renewable energy and other core infrastructure.
VNA
