SINGAPORE: The Asian Development Bank (ADB) has opened an office in Singapore, in a move that will deepen collaborative efforts on some of the most pressing development challenges facing Asia and the Pacific, the Ministry of Finance said in a press release on Thursday (Mar 5).
ADB president Masatsugu Asakawa and Singapore Deputy Prime Minister and Minister for Finance Heng Swee Keat officially opened the new office on Thursday.
The Singapore office is staffed by 12 employees from ADB’s private sector operations department and office of public-private partnership.
Established in 1966, ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
The ADB encompasses 68 members and assists them by providing loans, grants, technical assistance and equity investments to promote social and economic development.
Singapore is a founding member of ADB.
Speaking at the opening of the office on Thursday, Mr Heng welcomed ADB’s move to establish a presence in Singapore, saying that it shares ADB’s assessment that infrastructure is critical to the future development of Asia.
“By realising synergies with our financial and services ecosystem, ADB can play an even more substantial role in meeting the region’s immense demand for infrastructure,” said Mr Heng.
“Singapore is committed to furthering our partnership with ADB, including through project development, sharing of best practices and deal brokering, to promote strong, sustainable and inclusive growth for the region.”
ADB’s president said that the new office will allow the bank to work closer with Singapore, leveraging its strengths particularly in infrastructure and innovation to support developing member countries.
“Singapore’s sophisticated private and public sector eco-systems will help us to mobilise investments and bring the latest technologies and management skills to development projects across the region,” said Mr Asakawa.
Some areas in which ADB and Singapore could enhance cooperation in across the region include tackling climate change, financing and building quality infrastructure, pioneering innovation in development operations, and managing urbanisation, said Mr Asakawa and Mr Heng.
For ADB, the Singapore office also marks a new stage in the expansion of its private sector operations, which promote the investment of private capital for development purposes.
The office will make it easier for ADB to efficiently engage with clients, project sponsors, contractors, advisors, financiers, other international finance institutions and professional service providers, said MOF in the release.