Last updated: October 2016
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 U.K. Government, its second loan under guarantee from the Malaysian Federation, of which it was part at the time, and its third loan in 1966, shortly after independence.
Over the period 1963-75, Singapore received 14 loans from the World Bank. The first ten were in the infrastructure sectors exclusively and included water interconnection, port expansion, sewage, power and telecommunications. This closely followed the findings of an economic analysis of Singapore conducted by the Bank in 1963 which concluded, “Most important for Singapore’s economic future in the long run, [the Government’s] investments in the economy’s infrastructure will shape the framework within which development takes place.” By 1970, the program became more diverse and included capitalization of the Development Bank of Singapore (now the region’s largest commercial bank, DBS) as well as environmental management and education. Support to infrastructure, however, continued throughout.
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 IDA17 stands at $52 million. Singapore is also a founding funding member of the Global Infrastructure Facility (GIF), having contributed US $10 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 Infrastructure and Urban Hub to leverage the country’s expertise in urban development and infrastructure finance.
In September 2011, the WBG and Singapore agreed to expand their partnership. Added to the Urban Hub was the Urban Hub was the Public-Private Partnerships Cross Cutting Solution Area (PPP-CCSA), as well as offices for the IFC and MIGA. In addition, Controller (CTR), Corporate Finance and Risk Management (CFR), Treasury and Competitive Industries Practice (CI) established units in Singapore. In 2013, IFC’s Global Infrastructure Facility (GIF) was established in Singapore.
On October 27, 2015, the agreement for the expansion of the World Bank Group Singapore Hub for Infrastructure and Urban Development was signed. The expanded Hub will strive to showcase and leverage Singapore’s transformation from borrower to an international center for infrastructure finance, trade, and urban development, as well as the World Bank Group’s expertise in these fields, so that both partners can deliver better results to clients. The Hub is steadily growing.