By Mohd Iswandi Kasan Anuar
JAKARTA, July 17 (NNN-Bernama) — The Asian Development Bank (ADB) has teamed up with Singapore to promote greater investment in the Asia Pacific (APAC) region and to recognise the importance of private sector finance as well as catalysing public sector resources for sustainable and inclusive development.
ADB president Masatsugu Asakawa and Singapore’s Deputy Prime Minister/Finance Minister, Lawrence Wong inked the memorandum of understanding (MOU) on the cooperation on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia on July 14.
“Through this MOU, ADB and Singapore will continue to cooperate to support private sector development projects that contribute to the region’s infrastructure, financial and social needs, and help countries achieve their Sustainable Development Goal (SDG) commitments,” Asakawa said in a statement today.
The MOU replaces a 2012 MOU between ADB and Singapore on enhancing knowledge sharing and cooperation in governance and public policy, private sector development and climate change.
According to the statement, the new MOU seeks to build on these areas of collaboration by focusing on mobilising investment, financing, management skills and technologies for private sector development projects in ADB developing member countries.
ADB and Singapore will also cooperate in promoting the use of new technologies and innovative processes in areas such as developing liveable cities, addressing the challenges of climate change, and utilising financial technology to improve financial market efficiency.
— NNN-BERNAMA
