Singapore became the 104th member of the International Bank for Reconstruction and Development (IBRD) on August 3, 1966. Prior to joining the World Bank Group (WBG), Singapore had received the first loan in 1963 under guarantee from the Malaysian Federation, of which it was part at the time. The $15 million loan was used for the construction of a power station.
Over the period 1963-75, Singapore received 14 loans from the World Bank for port expansion, sewage, power, telecoms, education and environmental management. Singapore is a member of all five World Bank Group institutions, namely the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), International Bank of Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Centre of Settlement of Investment Disputes (ICSID). Singapore’s commitment to IDA16 stands at $49 million.
The WBG Singapore office opened on September 1, 1999. Initially, the WBG Singapore office was an external affairs representative office focused on linking with local networks for the purpose of knowledge sharing. The WBG engagement with Singapore expanded in 2009 with the establishment of the Singapore Urban Hub. The Singapore Urban Hub leveraged Singapore’s expertise in urban development and infrastructure finance.
In September 2011, the WBG and Singapore agreed to expand their partnership. The WBG expanded the Urban Hub with the Infrastructure Policy Group (TWISI) of the Sustainable Development Network, an IFC office and the Asia regional MIGA office in Singapore. In addition, Controller (CTR), Corporate Finance and Risk Management (CFR), Treasury and FPD’s Competitive Industries Practice (CI) established units in Singapore. IFC’s Global Infrastructure Fund was located in Singapore in FY13.
The Office of the World Bank’s Chief Economist for East Asia and the Pacific also moved from Washington DC to the Singapore Office to bring the best possible knowledge on development issues and challenges closer to the Region.
The Singapore Hub aims to combine Singapore’s unique development experience and financial sector strengths, especially in urban development, infrastructure finance, competitive industries development and financial management with WBG practices in these areas to deliver better results to clients. The Hub has been steadily expanding.
Last Updated: Nov 21, 2013