MANILA, PHILIPPINES (23 November 2018) — Singapore Deputy Prime Minister and Coordinating Minister for Economic and Social Policies and Chairman of the Monetary Authority of Singapore, Mr. Tharman Shanmugaratnam was visiting the Asian Development Bank (ADB) for the first time today. Mr. Tharman recently chaired the G20 Eminent Persons Group on Global Financial Governance that recommended reforms to the international monetary and financial system.
During his visit this afternoon, Mr. Tharman met with ADB President Mr. Takehiko Nakao and reaffirmed Singapore’s strong partnerships with ADB, and discussed the development challenges of Asia and the role of ADB in addressing these challenges, with senior Management and the Board of Directors.
Mr. Tharman, who was the ADB Governor from 2007 to 2015, also addressed ADB’s staff at its Eminent Speakers’ Forum. His presentation covered key aspects of Singapore’s social and economic strategies, and how they were evolving so as to continue to foster inclusive, broad-based growth.
Singapore was a founding member of ADB when the bank was established in 1966. Its first borrowing from ADB was in June 1969 to support The First Development Bank of Singapore, now DBS. It continued to borrow from ADB until 1980 in the areas of water, ports, power, telecommunications, health, and vocational training. It graduated formally from ADB borrowing in 1998.
Singapore has contributed to ADB’s concessional fund, the Asian Development Fund, since 2001. It has actively supported ADB in promoting regional cooperation. In May 2012, ADB and Singapore signed a memorandum of understanding to enhance knowledge sharing and cooperation in three areas: governance and public policy, private sector development, and climate change. Singapore is also a contributor to the ASEAN Infrastructure Center of Excellence and an active participant in the ASEAN Infrastructure Fund, both 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 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.