The World Bank In Singapore

Singapore is a high-income economy built on a business-friendly regulatory environment and strong investments in infrastructure, education, healthcare, and public services. The city-state is among the world’s most competitive economies and ranks highest in the 2020 World Bank Human Capital Index.

In the decades after independence in 1965, Singapore rapidly developed from a low-income economy to a high-income economy. GDP growth in the city-state has been among the world’s highest, at an average of about 7% since independence and topping 9.2% in the first 25 years.

After rapid industrialization in the 1960s lifted the island nation’s development trajectory, manufacturing became the main driver of growth. In the early 1970s, Singapore reached full employment and joined the ranks of Hong Kong SAR, Republic of Korea, and Taiwan, China, a decade later as Asia’s newly industrializing economies. The manufacturing and services sectors remain the twin pillars of Singapore’s high value-added economy.

The overall growth of the Singapore economy was 1.1% in 2023. Construction (+5.2% y-o-y) led the growth in goods- producing industries, driven by expansions in both public and private sector projects. Services industries registered broad-based growth, led by accommodation (+12.1% y-o-y), and information and communications (+5.7% y-o-y) on the back of strong international visitor arrivals and robust demand for data hosting services, respectively.  Economic growth is expected to be modest in 2024, with the government forecasting a range of 1% to 3%.

In February 2021, Singapore launched the “Singapore Green Plan 2030”, a whole-of-nation movement to advance Singapore's national agenda on sustainable development. The Green Plan charts ambitious and concrete targets over a 10-year period, strengthening Singapore's commitments under the UN's 2030 Sustainable Development Agenda and Paris Agreement, and positioning Singapore to achieve net zero emissions by 2050.

In the most recent World Bank Human Capital Index, Singapore ranks as the best in the world in human capital development. Together with strong financial support from the government, the city-state continues to strengthen the nimbleness and flexibility of its workforce by providing continuing education such as the Skillsfuture initiative.

Last updated: July 2024

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, Singapore received its first loan in 1963 under guarantee from the U.K. government, and its second loan under guarantee from the Malaysian Federation, to which it then belonged. It received its third loan in 1966 after independence.

Over the period 1963 and 1975, Singapore received 14 loans from the World Bank. All of the first 10 were for infrastructure, including water supply, port expansion, sewerage, power, and telecommunications.

By 1970, Singapore’s development focus expanded to investments in human capital and the services sector. The World Bank supported the capitalization of the Development Bank of Singapore (DBS), the establishment of environmental management programs, and the development of the national university while continuing to finance infrastructure projects. Singapore received its last financing from the World Bank in 1975. By the mid-1980s, it had repaid all its loans.

Today, Singapore is a member of all five World Bank Group institutions and an important contributor to global initiatives such as the Global Infrastructure Facility and the Climate Action Data Trust, as well as regional initiatives, such as the Southeast Asia Disaster Risk Insurance Facility. It inspires many cities and countries striving to reach a similar level of development within a single generation.

In 1999, the World Bank Group opened its Singapore Office, in order to share knowledge with local networks. In 2009, it expanded the office with the establishment of the World Bank–Singapore Urban Hub, which seeks to leverage the city-state’s expertise in sustainable urban development.

To strengthen its engagement with the private sector, in 2011 the partnership was expanded to include representatives from the International Finance Corporation (IFC) (the private sector arm of the World Bank Group) and the Multilateral Investment Guarantee Agency (MIGA) (the arm of the institution that guarantees loans against political and risks). The Hub’s expansion continued, to include the Corporate Finance and Risk Management unit, IFC Treasury, IFC’s Asset Management Company, and the Global Infrastructure Facility, among others.

In 2015, the World Bank–Singapore Hub for Infrastructure and Urban Development expanded again recognizing the importance of high-quality, sustainable infrastructure and Singapore’s unique strength in facilitating opportunities for emerging and developing economies. In 2022, it added IBRD Treasury services, including sustainable finance; asset management; and client solutions, including the Reserve Advisory & Management Partnership program (RAMP), to support staff and clients across the East Asia and Pacific region.

The partnership between the World Bank Group and Singapore focuses on areas of mutual interest—including sustainable finance, global public goods, and long-term investments in infrastructure and human capital—with the aim of promoting broad-based economic growth across the region and combating the effects of climate change. The shared goal is to deliver knowledge and solutions to development challenges at impact and scale, in support of the World Bank Group’s mission to end extreme poverty and boost shared prosperity on a livable planet.

Last updated: April 2025

The Singapore Office houses about 300 staff from the World Bank, IFC, and MIGA, making it one of the larger World Bank Group offices outside Washington, DC. It is a gateway through which clients across Asia access the full suite of Bank Group services.

As of the end of FY24, the Singapore Office managed more than $38 billion of World Bank lending operations and infrastructure verticals across Asia. Projects address cross-cutting global challenges such as climate change, energy transition, water security, air pollution, food security, and others. Teams based in Singapore also coordinate regional initiatives, such as the Southeast Asia Regional Program on Combating Marine Plastics.

IFC, the private sector arm of the World Bank Group, focuses on advancing cross-border investments and mobilizing capital from and through Singapore. It works closely with Monetary Authority of Singapore and other institutions to promote sustainability-linked investments and blended finance deployment to address climate financing gaps, scale up disruptive technologies, and incubate new business models. Examples of ongoing collaboration between IFC and Singapore include Financing Asia’s Transition Partnership (FAST-P) and the advancement of digital inclusion in emerging markets and developing countries.

MIGA, the guarantees arm of the World Bank Group, seeks to promote foreign direct investments into developing countries to support economic growth. MIGA engages closely with the financing, investing, and insurance communities in Singapore to mobilize private capital for public goods by providing political risk insurance, credit guarantees, and trade finance guarantees for public sector risks. It also collaborates on relevant Singapore-led climate and infrastructure financing initiatives.

The World Bank Group is a regular contributor to Singapore’s flagship knowledge events, such as the World Cities Summit, the Asia Infrastructure Forum, Singapore International Water Week, Singapore International Energy Week, Ecosperity Week, and Singapore Maritime Week. At Singapore International Water Week 2024, the World Bank Group and the Singapore government launched the Singapore Water Center. Located within the World Bank Group Singapore Office, the center leverages Singapore’s expertise in urban water management to foster innovation, knowledge exchange, and capacity development among policymakers, utility managers, and stakeholders in the water sector. It integrates advancements in policy, technology, and finance to tackle pressing water security challenges both regionally and globally. The Center offers training programs, joint studies, and pilot projects aimed at sustainable water solutions.

The World Bank Group, Infrastructure Asia, and Singapore Management University jointly developed a bespoke thematic course titled “Growing Infrastructure: Enabling & Structuring for Private Sector Participation in Finance and Innovation,” which builds leadership capabilities within the infrastructure sector across Southeast Asia and South Asia. Over 250 regional government officials have attended the training program since it began in 2020.

Looking ahead, the Group Singapore Office will support the newly launched World Bank Group Academy, which aims to facilitate deeper engagement with clients through technical exchange, peer-to-peer learning, and the identification of good practices and proven solutions.

Last updated: April 2025