Singapore to become World Bank’s knowledge and financial activities hub

The partnership will provide solutions addressing urban development challenges, infrastructure financing, information communications technology and accounting and auditing services.

A release issued jointly by the World Bank and Singapore’s Ministry of Finance said, “The expanded World Bank Group presence includes the IFC (International Finance Corporation) – the largest provider of multilateral financing for the private sector in developing countries—and the Multilateral Investment Guarantee Agency (MIGA) –the Bank Group’s agency which provides political risk insurance.”

According to the announcement, IFC will draw on Singapore’s strong private sector experience to support the scale-up of critical infrastructure projects in developing Asia and will seek to partner with Singapore-based firms to invest in emerging markets around the world.

MIGA meanwhile views Singapore as a center for insurance and looks forward to working more closely with the government as well as public and private sector entities to share knowledge and experience. The agency’s scaled-up presence is expected to assist Asian investors to facilitate their plans for inbound and outbound investments.

“In the areas of finance, the Bank’s Treasury Department will manage, from Singapore, the Reserves Advisory and Management Program that provides capacity building and investment services to member country central banks, national pension funds and sovereign wealth funds. A newly established Center of Excellence on Accounting and Auditing will deliver technical advice and expertise on institutional strengthening, systems development, and capacity to developing countries in the region,” added the joint statement.

The Office of the World Bank’s Chief Economist for East Asia and the Pacific, Bert Hofman, will move from Washington DC to Singapore, and he will also serve as Director of the World Bank's Singapore office. The Singapore office will increase to a staff of about 70.