SINGAPORE - Keppel Corporation today announced its extension of sponsorship of the Lee Kuan Yew World City Prize with a further commitment of $1.75 million.
The contribution will go towards another five cycles of the biennial award from 2020 to 2028. The announcement was made in conjunction with the conferment of the Lee Kuan Yew World City Prize 2014 to the city of Suzhou in China's Jiangsu province.
Keppel Corporation's extended support doubles the current sponsorship amount, bringing its total commitment to $3.5 million. Keppel Corporation has been the sole sponsor of the Lee Kuan Yew World City Prize since its inauguration in 2010. The award consists of $300,000 cash, a gold medallion and an award certificate.
The Lee Kuan Yew World City Prize recognises cities and key leaders for displaying foresight, good governance and innovation in tackling the many urban challenges faced today, to bring about social, economic and environmental benefits in a holistic way to their communities.
Mr Loh Chin Hua, CEO of Keppel Corporation, said, "In shaping the future, Keppel seeks to stimulate innovation in urban development towards the creation of vibrant, liveable and sustainable communities.
"As the pace of urbanisation accelerates across the globe, it is imperative that replicable, practical and cost-effective solutions and ideas to tackle the challenges are facilitated by robust exchanges of best practices and a collaborative spirit among the stakeholders. We are honoured to be associated with this award of distinction which provides a meaningful platform for cities to share their experience and breakthroughs in urban solutions."
Mr Ng Lang, CEO of the Urban Redevelopment Authority, said, "Urban challenges have become more complex with the rapid pace of urbanisation. The Lee Kuan Yew World City Prize provides a platform not only to honour the outstanding achievements of cities around the world, but also to allow cities to share best practices and spur further innovative, sustainable solutions to address these urban challenges. Keppel Corporation's support for the Prize provides us with the confidence and platform to continue our efforts to better the lives of urban communities around the world."