Singaporean Deputy Prime Minister Heng Swee Keat on June 28 inked the deal to set up the office with ADB President Takehiko Nakao on the sidelines of the G20 summit held in Osaka, Japan. (Source: MCI)
Singapore (VNA) - The Asian Development Bank (ADB) will open an office inSingapore in the second half of this year.
Singaporean Deputy Prime Minister Heng Swee Keat on June 28 inked the deal to setup the office with ADB President Takehiko Nakao on the sidelines of the G20 summit held in Osaka, Japan.
Nakao said that as one of the world’s leading financial and commercial hubs,Singapore is well suited to support the ongoing expansion of ADB’s privatesector activities.
Mobilising money in the private sector from markets like Singaporehelps the bank to bring the latest technologies and management skills todevelopment projects across the region in the infrastructure and socialsectors, he stressed.
The Singapore office will help achieve this growth by making iteasier to efficiently engage with its partners in the region, including projectsponsors, international financial institutions and professional serviceproviders.
ADB has estimated that developing Asia will need 1.7 trillionUSD per year in infrastructure investments until 2030 to maintain the region’sgrowth momentum.
Private sector operations will also strengthensupport for frontier economies and expand operations in agriculture and socialsectors such as health and education, in addition to renewable energy and othercore infrastructure.-VNA
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Singaporean Deputy Prime Minister Heng Swee Keat on June 28 inked the deal to set up the office with ADB President Takehiko Nakao on the sidelines of the G20 summit held in Osaka, Japan. (Source: MCI) 
