Asian Development Bank (ADB) President Masatsugu Asakawa and Singapore Deputy Prime Minister and Minister for Finance Heng Swee Keat officially opened ADB’s new office in Singapore on 5 March 2020, deepening efforts to collaborate on some of the most pressing development challenges facing Asia and the Pacific.
The Singapore office will create even more avenues to enhance cooperation between ADB and Singapore across the region including tackling climate change, financing and building quality infrastructure, pioneering innovation in development operations, and managing urbanization.
“Singapore’s sophisticated private and public sector eco-systems will help us to mobilize investments and bring the latest technologies and management skills to development projects across the region,” said Mr. 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.”
Mr. Heng said: “Over more than 50 years, ADB has been contributing substantially and meaningfully to the development of the Asia-Pacific region. To maintain the region’s growth momentum, ADB has estimated that developing Asia will need $1.7 trillion per year in infrastructure investments until 2030.”
“Singapore shares ADB’s assessment that infrastructure is critical to the future development of Asia – within countries, and across countries for better connectivity. Hence, Singapore established Infrastructure Asia in 2018 to work with like-minded partners like ADB,” he continued.
“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,” he concluded.
The Singapore Office marks a new stage in the expansion of ADB’s private sector operations. It will comprise 12 specialists from ADB’s Private Sector Operations Department (PSOD) and Office of Public-Private Partnership working in a range of sectors including infrastructure, financial institutions, agribusiness, health and education, trade finance, private equity, and cofinancing. The office is led by Ms. Sonali Tang, who has worked at ADB for 5 years in various senior roles.
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.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region, and includes Singapore as a founding member.
In 2012, ADB and Singapore signed a memorandum of understanding to enhance knowledge sharing and cooperation in governance and public policy, private sector development, and climate change, and in infrastructure and urban development. Singapore is also an active participant in the ASEAN Infrastructure Fund that is supported by ADB.
