The World Bank is expanding its presence in Singapore to include offices of the International Finance Corp. and the Multilateral Investment Guarantee Agency. This move is expected to better tap Singapore’s development expertise to boost the bank’s capacity to support its developing member countries.
This move is set to see the staff of the World Bank’s office in Singapore increase to approximately 70 people. The office of the bank’s chief economists from East Asia and the Pacific will also be moved from Washington, USA, to Singapore.
By bringing IFC and MIGA presence to Singapore, the World Bank hopes to draw on the country’s private sector experience to support plans to scale up infrastructure projects in Asia and encourage local firms to invest in emerging markets elsewhere in the world.
The expansion of the bank’s presence in the Asian country is part of a new partnership agreement signed by the World Bank and the Singaporean government at a recent infrastructure conference in Singapore.
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