- POSTED: 02 Jun 2014 11:09
- UPDATED: 02 Jun 2014 19:19
There is no shortage of money to finance the development of infrastructure – the problem is a lack of sustainable good ideas which will benefit all sectors in a country said National Development Minister Khaw Boon Wan.
SINGAPORE: There is no shortage of money to finance the development of infrastructure – the problem is a lack of sustainable good ideas which will benefit all sectors in a country, National Development Minister Khaw Boon Wan said on Monday (June 2).
Mr Khaw was responding to a question about the challenges of financing rapid urbanisation during a dialogue session at the joint World Cities Summit, Singapore International Water Week and CleanEnviro Summit.
As long as projects are bankable, there is no shortage of funding, he said. However, it is inevitable that governments may need to help finance some projects in order to help the poorer segments of the population.
In his opening remarks, Mr Khaw said that governments must spend within their means and save for rainy days.
Singapore faces additional challenges because of its size, he said. Citing the United States as an example, Mr Khaw said if a city like Detroit goes bankrupt, there are many other American cities which will continue to prosper, ensuring that the US remains a world power. But because Singapore is a city-state, if the city fails, the whole country will fail, he said.