Renewed infrastructure agreement between Singapore, US expanded to include green projects
WASHINGTON: Singapore and the United States on Tuesday (Mar 29) renewed an agreement to deepen cooperation in infrastructure development, while expanding the deal to include green projects in the region.
The memorandum of understanding (MOU) was signed by Ministry of Trade and Industry’s (MTI) permanent secretary Gabriel Lim and Mr Scott Nathan, chief executive officer of the United States International Development Finance Corporation (DFC).
The signing took place on the sidelines of Prime Minister Lee Hsien Loong’s working visit to the US, which began on Mar 26 and will end on Apr 2.
First signed in 2019, the MOU aimed to strengthen collaboration between the infrastructure agencies of both countries so as to promote infrastructure trade and investment.
Besides expanding the collaboration to cover green and sustainable infrastructure projects in the region, the new MOU will also explore new approaches to mobilise private sector participation.
“Both countries will also strengthen collaboration through information sharing, deal facilitation, capability building initiatives, and by supporting potential infrastructure projects in the region, in expanded areas of mutual interest,” said MTI, citing renewable energy and carbon capture as examples of these new areas.
“Singapore and US companies can look forward to more infrastructure development and financing opportunities to unlock Asia’s potential,” it added.