In Short : ADB President Masatsugu Asakawa and Singapore’s Deputy PM Lawrence Wong have renewed their collaboration through a fresh MOU to boost innovation, investment, and digital tech across Asia-Pacific. The agreement, expanding on a 2012 pact, aims to strengthen ties via ADB’s Singapore office, fostering livable cities, fintech, and climate solutions through both public and private sector partnerships.
In Detail : SINGAPORE — Asian Development Bank (ADB) President Masato Kanda met Prime Minister Lawrence Wong in Singapore today, where he set out plans to double the size of ADB’s Singapore office. He also reaffirmed the bank’s $10 billion pledge to help finance the ASEAN Power Grid and underscored the importance of deeper regional cooperation as Singapore prepares to assume the ASEAN chair in 2027.
“Singapore is a hub for ideas, talent, and capital,” said Mr. Kanda. “Expanding our presence here will let us mobilize more private investment, connect economies through clean power, and share Singapore’s innovations with our developing member countries across Asia and the Pacific.”
Opened in 2020, ADB’s Singapore office has been catalytic in generating private sector mobilization and trade finance for the region, including using Singapore’s ecosystem of innovation, digitization, and education to strengthen ADB operations. Doubling the size of the office will sharpen those channels and help ADB reach its target of $4.5 billion in direct private capital mobilization annually as part of its goal to increase private sector financing fourfold to $13 billion a year by 2030.
Mr. Kanda emphasized ADB’s pledge of up to $10 billion in sovereign and private sector financing over the next decade to advance the ASEAN Power Grid, including accelerating cross-border interconnections, expanding national grids, and driving renewable energy development. ADB has partnered with the Energy Market Authority (EMA) to support Singapore’s initiative to import up to 6 gigawatts of renewable electricity from neighboring countries.
Earlier today Mr. Kanda met Singapore Governor to ADB, Minister Indranee Rajah, where they discussed leveraging the professional services ecosystem in Singapore through an expanded ADB presence and the common challenges of sea level rise for Pacific island states and Singapore. Mr. Kanda also met Monetary Authority of Singapore Managing Director Chia Der Jiun and discussed the importance of regional integration and further collaboration on financing solutions for the ASEAN Power Grid.
At a lunch, chief executives of DBS, Keppel Infrastructure, Alba Group, and ABC Impact, and Mr. Kanda exchanged views on regional challenges and opportunities, in particular on the solutions that underpin the ASEAN Power Grid.
ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
