August 3, 2022

Singapore inks 2 agreements to advance sustainable infrastructure in the region

By brit

SINGAPORE – The Republic will host a workshop to help governments in South-east Asia explore green financing options for electric vehicles and eco-friendly transport in a few weeks’ time, said Second Minister for Finance and National Development Indranee Rajah on the second day of the Asia Infrastructure Forum on Wednesday (Aug 3).

The initiative comes under a tie-up which was first inked in 2019 between government facilitation office Infrastructure Asia and the Asian Development Bank (ADB).

The cooperation agreement has now been renewed, and it will see both parties working together to run a series of finance clinics to encourage governments to build sustainability considerations in developing their infrastructure programmes.

Regional government officials and industry experts will gather at the clinics to showcase successful case studies.

In announcing the collaboration on Wednesday, Ms Indranee, who is also Minister in the Prime Minister’s Office, said that the clinics will strengthen and grow the pipeline of bankable sustainable infrastructure projects in the region, allowing the region to better tap commercial funding sources and bringing it closer to a net-zero future.

She also highlighted the role multilateral development banks (MDBs), such as the ADB, have in spurring development opportunities in the region.

In a speech at Sands Expo and Convention Centre, Ms Indranee said in 2020, MDBs committed US$66 billion (S$91 billion) to climate finance. This attracted commitments of US$85 billion in the same year from other public and private external parties to co-invest in climate mitigation and adaptation activities alongside MDBs.

“Beyond contributing capital, MDBs also support capability development in the region by sharing expertise and knowledge, offering project structuring advice and conducting capacity-building programmes.”

Infrastructure Asia also signed a new memorandum of understanding with India’s national investment promotion agency Invest India.

The collaboration will support infrastructure development in India and promote private sector partnerships through knowledge sharing, and advisory in the funding and implementation of infrastructure projects.