ADB, Singapore to enhance investments in Asia, Pacific region for sustainable development

Asian Development Bank (ADB) and Singapore will together enhance investments in Asia and Pacific region for sustainable and inclusive development.

ADB President Masatsugu Asakawa and Singapore Deputy Prime Minister and Finance Minister Lawrence Wong on Thursday signed a Memorandum of Understanding (MOU) to promote greater investment in the Asia and Pacific region.

They would also look at catalysing public sector resources for sustainable and inclusive development, ADB said in a release.

The MoU replaces the one signed in 2012 between ADB and Singapore to enhance knowledge sharing and cooperation in governance and public policy, private sector development, and climate change. ADB said the new pact seeks to build on these areas of collaboration by focusing on mobilising investment, financing, management skills, and technologies for private sector development projects in ADB Developing Member Countries (DMCs).

Singapore is an important partner of ADB in delivering investment and innovation to our DMCs, Asakawa said at the MoU signing ceremony held on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia.

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 commitments.

They would also cooperate in promoting use of new technologies and innovative processes in areas such as developing livable cities, addressing the challenges of climate change, and utilising financial technology to improve financial market efficiency.

In addition, ADB and Singapore will further strengthen collaboration on digital innovation.

Wong said since the pandemic hit, ADB responded swiftly to meet the urgent financing of members to save lives and livelihoods.