Asian Development Bank (ADB) has opened its Singapore Office which marks a new stage in the expansion of ADB’s private sector operations. It will be a lean and focused office comprising 12 specialists from ADB’s Private Sector Operations Department (PSOD) and Office of Public–Private Partnership, working in a range of sectors including infrastructure, financial institutions, agribusiness, health and education, trade finance, private equity, and cofinancing. The office is led by Sonali Tang, who has worked at ADB for 5 years in various senior roles.
ADB’s private sector operations promote the investment of private capital for development purposes. Last year, PSOD completed 38 transactions, around one-fifth of ADB’s total operations by number. ADB aims to increase this to one-third of total operations by 2024. The office will make it easier for ADB to efficiently engage with clients, project sponsors, contractors, advisors, financiers, other international finance institutions, and professional service providers.
Singapore was a founding member of ADB in 1966. It borrowed from ADB until 1980 and graduated formally from borrowing in 1998. Since 2001, Singapore has contributed to ADB’s concessional fund, the Asian Development Fund, as well as the Technical Assistance Special Fund. In 2012, ADB and Singapore signed a memorandum of understanding to enhance knowledge sharing and cooperation in governance and public policy, private sector development, climate change, and infrastructure and urban development. Singapore is an active participant in the ASEAN Infrastructure Fund that is supported by ADB.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.