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) yesterday.
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) and 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 yesterday were Myanmar officials including Minister for Planning, Finance and Industry U Soe Win, and Singapore’s Minister in the Prime Minister’s Office and Second Minister for Finance Indranee Rajah.
Ms Indranee 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.”
IA executive director Seth Tan said Myanmar offers private sector players more investment opportunities. “Myanmar has introduced new approaches and frameworks to accelerate the expansion of public infrastructure projects… IA is glad to be part of the process to shape and bridge more collaborations at the public and private level.”