SINGAPORE - Singapore has signed a Memorandum of Understanding to cement its partnership with the Global Infrastructure Hub (GIH).
Singapore is one of 7 countries that have entered into partnership with the GIH hosted in Australia. The other countries that are partners in this G20 initiative are Australia, China, Mexico, New Zealand, the Republic of Korea, Saudi Arabia, and the United Kingdom.
The Ministry of Finance (MOF) said in a statement that the collaboration would provide further business and collaborative opportunities between Singapore-based infrastructure players and their global counterparts.
"Together with a series of infrastructure-related G20 events that Singapore will be hosting in May, our partnership with the GIH will strengthen our position as an infrastructure hub in Asia," MOF said.
The GIH was established as a multi-year G20 initiative to meet the immense infrastructure needs around the world. With a four-year mandate, the GIH aims to work with international stakeholders to increase global investment in infrastructure.
Under this partnership, Singapore will provide financial support to the GIH's efforts in:
(i) facilitating information sharing and collaboration between stakeholders,
(ii) improving investment climates and growing project pipelines in countries, and
(iii) facilitating the matching of investors with infrastructure projects, over a four year period. These initiatives could include developing databases to facilitate information sharing among the GIH's global partners, as well as programmes for capacity building.