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Indranee Rajah on Singapore’s subscription to the International Development Association

03:28 Min

In Parliament on Tuesday (Jan 10), Second Minister for Finance Indranee Rajah moved a motion to approve an additional subscription of Singapore to the International Development Association (IDA) of a sum not exceeding US$70 million. IDA is the arm of the World Bank Group that provides grants and concessional loans to its least developed member countries, including some in ASEAN like Laos and Cambodia. Singapore has contributed to IDA’s replenishment since 2002. The latest replenishment - the 20th - has been brought forward by a year as almost half of the previous replenishment was committed in FY2021 to provide urgent financial support for countries hit hard by the COVID-19 pandemic. In December 2021, donors supported a historic sum of US$93 billion for the 20th replenishment and Singapore proposes to maintain its contribution of 0.20 per cent. Ms Indranee said Singapore benefited from World Bank loans and expertise in its early days and now wants to give back. She added that working with marquee institutions like the World Bank Group has helped Singapore become an infrastructure financing hub for regional development and created good opportunities for Singaporeans and Singapore-based companies as the region prospers.

In Parliament on Tuesday (Jan 10), Second Minister for Finance Indranee Rajah moved a motion to approve an additional subscription of Singapore to the International Development Association (IDA) of a sum not exceeding US$70 million. IDA is the arm of the World Bank Group that provides grants and concessional loans to its least developed member countries, including some in ASEAN like Laos and Cambodia. Singapore has contributed to IDA’s replenishment since 2002. The latest replenishment - the 20th - has been brought forward by a year as almost half of the previous replenishment was committed in FY2021 to provide urgent financial support for countries hit hard by the COVID-19 pandemic. In December 2021, donors supported a historic sum of US$93 billion for the 20th replenishment and Singapore proposes to maintain its contribution of 0.20 per cent. Ms Indranee said Singapore benefited from World Bank loans and expertise in its early days and now wants to give back. She added that working with marquee institutions like the World Bank Group has helped Singapore become an infrastructure financing hub for regional development and created good opportunities for Singaporeans and Singapore-based companies as the region prospers.

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