Asian Development Bank (ADB) Expands Office to Singapore
ADB Intends to Strengthen Collaboration and Support Private Sector Expansion
The Asian Development Bank (ADB) office in Singapore was officially opened by ADB President and Singapore Deputy Prime Minister and Minister for Finance on 5 March 2020. This was the culmination of close to nine months of hard work following the signing of a deal with the ADB at the G20 Summit in Osaka on 28 June 2019.
The Singapore office will make it easier to efficiently engage with project sponsors, contractors, advisers, financiers, other international financial institutions and professional service providers. Opening the office is part of a wider move by ADB to have private sector staff based closer to clients in the region.
Singapore’s Ties with ADB
Singapore is a founding member of the Asian Development Bank. ADB is hoping to eradicate poverty under its Strategy 2030, which is its long-term initiative. The hope is to build an environment in Asia that is resilient, prosperous, sustainable and inclusive. Having an office in Singapore is going to make it significantly easier to conduct business matters.
Singapore is a leading commercial hub and financial institution. Its reputation is renowned worldwide. The ADB sees the value that Singapore has to offer and believes it is a suitable location for the expansion plans ADB has in store. The sophisticated ecosystems in Singapore’s public and private sector are going to help ADB mobilise its investments.
The opening of the Singapore office marks the dawn of a new stage for ADB and its operations in the private sector, which is to promote the investment of private capital for development purposes.