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Box Story 6

World Bank-Singapore Infrastructure Finance Summit

Together with the World Bank Group, MAS and Ministry of Finance (MOF) jointly organised the inaugural World Bank-Singapore Infrastructure Finance Summit, in association with Financial Times and the World Bank-ASEAN Infrastructure Finance network. The Summit, held from 11 to 12 November 2009, was the first of an annual series organised under the auspices of the World Bank-Singapore Urban Hub. The Summit aimed to bring together public sector policy makers, industry leaders and businesses to discuss and showcase new developments and initiatives in infrastructure financing efforts, with the objective of increasing sustainable regional infrastructure development.

Minister for Finance Tharman Shanmugaratnam, in his opening remarks, spoke on the need for Asia to invest more heavily in infrastructure with a sustainable model of financing. The keynote speaker was World Bank Group President Robert B. Zoellick, who spoke on urbanisation being a vital phase of development and a key driver of long-term economic growth. The Summit featured a series of panel discussions and speakers included several Asia- Pacific Economic Cooperation (APEC) Finance Ministers, mayors and other central and local government policy makers, as well as senior executives from the private sector.

The Summit also witnessed the signing of three sets of Memoranda of Understanding (MoU) between the World Bank and Singapore Cooperation Enterprise (SCE) with the respective Governments of Mongolia and Vietnam, and with the Municipal Government of Chongqing, China. Singapore will provide expertise to assist these governments in developing the framework for Public-Private Partnerships and developing commercially viable infrastructure projects for private sector participation. The World Bank Group also launched its Global Urban Strategy at the Summit. The Summit was a significant milestone, highlighting the emergence of Singapore as a regional hub for knowledge on infrastructure and urban management.

 
Minister for Finance Tharman Shanmugaratnam speaking at the World Bank - Singapore Infrastructure Finance Summit
 
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