The country’s development support is handled by two key agencies. Singapore’s Ministry of Finance oversees development assistance while International Enterprise Singapore facilitates the overseas growth of Singapore-based companies and promotes international trade. Singapore’s collaboration with ADB covers three broad themes: promoting good governance and public policy regionally, promoting private sector development focusing on infrastructure and trade financing, and supporting infrastructure development in the region focusing on climate change and its impact.
At a Glance
Cumulative Project-Specific Cofinancing
Singapore has been collaborating with ADB’s private sector operations by cofinancing nonsovereign projects and working with the Trade Finance Program (TFP). From 1 January 2016 to 31 December 2020, private entities domiciled in Singapore had provided $540.9 million in cofinancing for 7 nonsovereign projects.
ADB’s TFP has supported 5,247 Singaporean export and import transactions (through Singaporean and non-Singaporean banks) to developing Asia valued at over $18.37 billion as of December 2020. Exports and imports were to 12 countries, but mostly to Bangladesh, Sri Lanka, and Viet Nam. Isolating TFP’s work with Singaporean banks, the TFP works with three banks domiciled in Singapore and has provided guarantees supporting $2.4 billion in trade in over 4,006 transactions. The TFP has mobilized $64.5 million in cofinancing with banks operating in Singapore. This cofinancing helps leverage ADB resources and brings more support for developing members.