The Asian Development Bank (ADB) established a new office in Singapore on Thursday, to deepen efforts to collaborate on some of the most pressing development challenges facing Asia and the Pacific.
According to a press release from Singapore's Ministry of Finance, the Singapore Office, led by Sonali Tang who has worked at ADB for five years in various senior roles, marks a new stage in the expansion of ADB's private sector operations.
The office 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 co-financing.
Locating the new office in Singapore will make it easier for ADB to efficiently engage with clients, project sponsors, contractors, advisors, financiers, other international finance institutions, and professional service providers, according to the press release.
ADB President Masatsugu Asakawa said that Singapore's sophisticated private and public sector eco-systems will help ADB to mobilize investments and bring the latest technologies and management skills to development projects across the region.
"The new office allows us to work closer with Singapore, leveraging its strengths particularly in infrastructure and innovation to support our developing member countries," he added.
Singapore's Deputy Prime Minister and Minister for Finance Heng Swee Keat said that Singapore is committed to furthering its partnership with ADB, including through project development, sharing of best practices and deal brokering, to promote strong, sustainable and inclusive growth for the region.
Source: China ASEAN Business Council