Asian Development Bank (ADB)'s new office in Singsapore was officially launched on Thursday, March 5, by ADB President Masatsugu Asakawa and Singapore Deputy Prime Minister and Minister for Finance Heng Swee Keat.
The new space signifies deepening efforts to collaborate on some of the most pressing development challenges facing Asia and the Pacific, according to a press statement from Singapore's Ministry of Finance.
Asakawa and Heng agreed that the Singapore office will create even more avenues to enhance cooperation between ADB and Singapore – which was a founding member of ADB in 1966 – across the region. Issues to be tackled include climate change, financing and building quality infrastructure, pioneering innovation in development operations, and managing urbanisation.
“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 Asakawa. “The new office allows us to work closer with Singapore, leveraging its strengths particularly in infrastructure and innovation to support our developing member countries.”
The Singapore Office marks a new stage in the expansion of ADB’s private sector operations. It will be a lean and focused office comprising 12 specialists from ADB’s Private Sector Operations Department (PSOD) and Office of Public-Private Partnership working in a range of sectors. They include infrastructure, financial institutions, agribusiness, health and education, trade finance, private equity, and cofinancing.
"I warmly welcome ADB’s move to establish a presence in Singapore," added 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.”