MANILA, Philippines — The Asian Development Bank (ADB) and Singapore have signed an agreement to promote investment and innovation in the Asia-Pacific region.
AfDB President Masatsugu Asakawa signed a Memorandum of Understanding with Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong to work together to mobilize investment, financing, management skills and technologies for private sector development projects in the region.
“Through this MoU, the AfDB and Singapore will continue to cooperate in supporting private sector development projects that contribute to the region’s infrastructural, financial and social needs and help countries meet their GDG commitments. Development Goals (SDGs),” Asakawa said.
The SDGs are global goals that represent a universal call to action to end poverty, protect the planet and ensure peace and prosperity for all by 2030.
The agreement replaces the one the parties reached in 2012 to improve knowledge sharing and cooperation on governance and public policy, private sector development and climate change.
Through the new MoU, the AfDB and Singapore have committed to work together to promote the use of new technologies and innovative processes in the development of livable cities and to address the challenges of climate change.
The parties will also promote the use of financial technology to improve the efficiency of financial markets and strengthen collaboration on digital innovation.
ADB’s office in Singapore, which opened in 2020, will play an important role in the partnership.
In particular, he will be responsible for enabling the AfDB to have stronger engagement with the Government of Singapore, as well as with knowledge partners, project sponsors, financiers and other international financial institutions located in Singapore. .
Despite the COVID-19 pandemic, Wong said the AfDB’s Singapore office was able to mobilize investment for private sector projects in developing country members of the multilateral institution.
“Singapore is pleased to advance its close partnership with the AfDB. This will allow us to focus on new and innovative approaches to challenges such as climate change and energy transitions. It will also help ensure shared prosperity and more sustainable development for the region,” Wong said.