Singapore, ADB link up for PPPs
International Enterprise (IE) Singapore and the Asian Development Bank (ADB) have committed to jointly launch a public-private partnership (PPP) initiative to address the massive infrastructure shortcomings in the ASEAN region.
At a meeting of ADB officials in New Delhi on May 3, IE Singapore, the foreign trade board under the Ministry of Trade and International, agreed to spearhead the initiative based out of the city-state with initial funding amounting to $9 million over the next three years. This amount is jointly committed by the ADB and Singapore government agencies, led by IE Singapore.
As the 2015 deadline for the formation of the ASEAN Economic Community draws nearer, the small yet agile city-state, the most developed economy in the region, can ideally lend its regulatory and financial prowess to address the estimated $60 billion per year needed over the next decade in infrastructure spending.
In this manner, the joint initiative will aid ASEAN governments to comb together move effective PPP projects, while tapping into the ADB’s regional operations and outreach. The initiative will also address ASEAN capital markets to finance or refinance PPP pipelines.
“Despite strong growth in the region, Southeast Asia’s infrastructure coverage lags behind the Asian average. The needs are well beyond the funding capacities and fiscal resources of governments and multilateral development banks,” Kunio Senga, ADB Director General of the Southeast Asia Department, said during the signing ceremony.
“It is crucial to involve the private sector in infrastructure financing if ASEAN is to continue building and growing.”
The initiative will begin operation the second half of 2013, and be led by a team of core representatives from Singaporean government agencies and the ADB.
International Enterprise (IE) Singapore and the Asian Development Bank (ADB) have committed to jointly launch a public-private partnership (PPP) initiative to address the massive infrastructure shortcomings in the ASEAN region. At a meeting of ADB officials in New Delhi on May 3, IE Singapore, the foreign trade board under the Ministry of Trade and International, agreed to spearhead the initiative based out of the city-state with initial funding amounting to $9 million over the next three years. This amount is jointly committed by the ADB and Singapore government agencies, led by IE Singapore. As the 2015 deadline for the formation...
International Enterprise (IE) Singapore and the Asian Development Bank (ADB) have committed to jointly launch a public-private partnership (PPP) initiative to address the massive infrastructure shortcomings in the ASEAN region.
At a meeting of ADB officials in New Delhi on May 3, IE Singapore, the foreign trade board under the Ministry of Trade and International, agreed to spearhead the initiative based out of the city-state with initial funding amounting to $9 million over the next three years. This amount is jointly committed by the ADB and Singapore government agencies, led by IE Singapore.
As the 2015 deadline for the formation of the ASEAN Economic Community draws nearer, the small yet agile city-state, the most developed economy in the region, can ideally lend its regulatory and financial prowess to address the estimated $60 billion per year needed over the next decade in infrastructure spending.
In this manner, the joint initiative will aid ASEAN governments to comb together move effective PPP projects, while tapping into the ADB’s regional operations and outreach. The initiative will also address ASEAN capital markets to finance or refinance PPP pipelines.
“Despite strong growth in the region, Southeast Asia’s infrastructure coverage lags behind the Asian average. The needs are well beyond the funding capacities and fiscal resources of governments and multilateral development banks,” Kunio Senga, ADB Director General of the Southeast Asia Department, said during the signing ceremony.
“It is crucial to involve the private sector in infrastructure financing if ASEAN is to continue building and growing.”
The initiative will begin operation the second half of 2013, and be led by a team of core representatives from Singaporean government agencies and the ADB.
