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Singapore, World Bank establish Infrastructure, Urban Development Hub

Xinhua, October 27, 2015 Adjust font size:

The World Bank Group (WBG) will be expanding its Singapore office to create its first Infrastructure and Urban Development Hub, said WBG and Singapore's Ministry of Finance (MOF) in a joint press release on Tuesday.

The expanded hub operation will provide services at the global level, employing more than 200 people from the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) over the next two years.

Work from the World Bank Group's public sector side will involve sectoral teams dedicated to energy and extractives, water, transport, information and communications technology, Public-Private Partnerships, trade and competitiveness, and urban development as well as the global infrastructure facility, according to the press release.

A complementary focus of the hub will be expanded investment and advisory programs and instruments offered by the IFC and MIGA, the World Bank Group's private sector arms.

"As the center of global economic activity gravitates increasingly to East Asia, Singapore's role will further grow. This provides huge opportunities for emerging and developing economies," said Axel van Trotsenburg, World Bank Vice President for East Asia and the Pacific region.

WBG wants to seize this opportunity and build a dynamic partnership for the future that will have important spin-off effects for developing countries.

Singapore's Senior Minister of State for Finance and Law Indranee Rajah witnessed the signing of the agreement between WBG and the Singapore government.

"The next phase of the Singapore Hub will foster greater and more meaningful integration of the World Bank's functions with Singapore's strengths and developmental experience. The World Bank Group can collaborate with Singapore's business and research ecosystem to enhance its range of solutions for developing countries in the region and beyond," said Indranee Rajah. Endit