SINGAPORE - Singapore's Infrastructure Asia will identify suitable investors for infrastructure projects in Myanmar, following an agreement inked with Myanmar's Ministry of Planning, Finance and Industry (MoPFI) on Wednesday (May 27).
The agreement will help implement projects in the Myanmar Project Bank, an online database of priority infrastructure investments that are aligned with the country's sustainable development plan.
Under the agreement, Infrastructure Asia (IA), together with MoPFI, will identify projects that the private sector can participate in.
IA will also share best practices and knowledge to structure and improve the bankability of these projects, identify and connect suitable investors and solution providers, and appoint advisers to carry out procurement.
Witnessing the virtual signing ceremony of the agreement on Wednesday was Minister in the Prime Minister's Office and Second Minister for Finance Indranee Rajah.
She said that amid economic uncertainties due to the Covid-19 pandemic, infrastructure in areas such as supply chains, information and communications technology, public health and clean energy can help rebuild and stimulate economies and aid social and economic development.
"Our mutual collaboration will provide and promote growth in both countries," she said.
"I am confident that the Singapore infrastructure ecosystem will prove itself to be very useful at this time, being a strong regional hub from which many international organisations operate and deploy expertise and capital into the region, including Myanmar."
The ceremony was also witnessed by Myanmar officials including Minister for Planning, Finance and Industry U Soe Win.
Jointly set up by Enterprise Singapore and the Monetary Authority of Singapore, IA works with international developers, financial institutions and multilateral development banks to broker infrastructure deals and share best practices in the region.
Said IA's executive director Seth Tan: "Myanmar has introduced new approaches and frameworks to accelerate the expansion of public infrastructure projects.
"There are now more opportunities for private sector players to consider investments into Myanmar. IA is glad to be part of the process to shape and bridge more collaborations at the public and private level."