World Bank IFC & Singapore Government Agency Enterprise Singapore Form Partnership to Support Investments, Financing & Business Matching to Increase Cross-Border Financing for Private Sector in Emerging Markets, DBS Bank to Provide Risk-Mitigation Solutions for Trade-Finance
18th February 2023 | Hong Kong
The World Bank IFC (International Finance Corporation) and Singapore government agency Enterprise Singapore have formed a partnership to support investments, financing & business-matching to increase cross-border financing for private sector in emerging markets, with DBS Bank being the first bank to provide risk-mitigation solutions for trade-finance. IFC & Enterprise Singapore: “The partnership aims to spur further investment and project, trade, and supply-chain finance for Singapore enterprises in emerging markets. Activities include joint outreach and business-matching to connect Singapore enterprises with other governments and private-sector companies, and initiatives to reduce risks and capital constraints for financial institutions and enterprises. As part of the collaboration, IFC will advise financial institutions and enterprises on cross-border financing, in areas such as risk-mitigation techniques and structuring of financing facilities, so as to catalyze cross-border trade and investments. Enterprise Singapore and IFC will also jointly engage financial institutions in Singapore, with DBS being the first, on risk-mitigation solutions for their trade-finance activities in emerging markets.” The partnership was formed on 17th February 2023 through a signing of the Memorandum of Understanding (MOU). The MOU was signed by Jeffrey Siow, Managing Director & Chief Operating Officer of EnterpriseSG, and Nicolas Marquier, Country Manager for Singapore, Malaysia & Brunei Darussalam at IFC. The MOU signing was witnessed by Peter Ong, Chairman of EnterpriseSG, and Riccardo Puliti, IFC Regional Vice President for Asia and the Pacific.
“ World Bank IFC & Singapore Government Agency Enterprise Singapore Form Partnership to Support Investments, Financing & Business Matching to Increase Cross-Border Financing for Private Sector in Emerging Markets, DBS Bank to Provide Risk-Mitigation Solutions for Trade-Finance “
EnterpriseSG Managing Director & COO Jeffrey Siow: “IFC has been a valued partner of Enterprise Singapore for many years. Its deep project finance expertise and extensive networks have helped many of our companies penetrate and expand in emerging markets. This MOU further deepens our partnership by providing our companies with new sources of funding and financing expertise to capture opportunities in new markets.
IFC Regional Director, East Asia & the Pacific Kim-See Lim: “Access to finance for small and medium-sized enterprises (SMEs) remains a major challenge worldwide, particularly for companies doing business in developing economies. Our partnership with EnterpriseSG will help narrow the financing gap, building the capacity of financial institutions to support companies looking to expand in emerging markets. This will create opportunities for both financial institutions and businesses, while delivering countless development benefits for people in emerging markets and developing economies in the Asia-Pacific region and beyond.”
World Bank IFC & Singapore Government Agency Enterprise Singapore Form Partnership to Support Investments, Financing & Business Matching to Increase Cross-Border Financing for Private Sector in Emerging Markets, DBS Bank to Provide Risk-Mitigation Solutions for Trade-Finance
About Enterprise Singapore
Enterprise Singapore is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise. We also support the growth of Singapore as a hub for global trading and startups, and build trust in Singapore’s products and services through quality and standards. Visit www.enterprisesg.gov.sg for more information.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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