The choice of Singapore for the World Bank Group's hub that focuses on infrastructure and urban development is based on three factors:
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 & Extractives, Water, Transport, Information & Communications Technology, Public-Private Partnerships, Trade & Competitiveness, and Urban Development as well as the Global Infrastructure Facility.
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.
Axel van Trotsenburg, World Bank Vice President for East Asia and the Pacific region, stated:
"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. The World Bank Group wants to seize this opportunity and build a dynamic partnership for the future that will have important spin-off effects for developing countries."
Kyle Peters, World Bank Senior Vice President for Operations, commented:
"This agreement with Singapore to create the World Bank Group's first global Infrastructure and Urban Development Hub is built on our mutual belief that sustainable infrastructure and urban development are critical to fostering economic growth, improving the quality of life of the poor and building opportunities for more equitable prosperity."
Jingdong Hua, IFC Vice President and Treasurer, said:
"The World Bank Group will leverage Singapore's position in global capital markets by establishing its Asia Treasury Hub, expanding the number of funds managed out of Singapore by IFC's Asset Management Company, growing IFC's Investment and advisory teams to expand infrastructure investments and include the venture capital and technology teams as well as other sectors."
Singapore's Senior Minister of State for Finance and Law Indranee Rajah, added:
"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."