The Asian Development Bank ( ADB ) will double the size of its Singapore office, a move, it notes, that is aimed at strengthening regional investment flows and accelerating energy transition initiatives in the city-state.

The ADB’s Singapore office, opened in 2020, has played a significant role in scaling private capital mobilization and trade finance and leveraging the city’s advanced ecosystem in digitalization and sustainable finance.

The expansion also aligns with the bank’s broader objective to quadruple annual private sector financing to US$13 billion by 2030, including US$4.5 billion in direct private capital mobilization.

A cornerstone of the ADB’s expansion strategy is its pledge of up to US$10 billion in support of the Asean Power Grid over the next decade. The bank plans to finance both sovereign and private sector components of the grid, including regional interconnections and renewable energy infrastructure.

“Singapore is a hub for ideas, talent and capital,” says Masato Kanda, the multilateral bank’s president, speaking during meetings with Singapore business leaders and officials, including Prime Minister Lawrence Wong. “Expanding our presence here will let us mobilize more private investment, connect economies through clean power, and share Singapore’s innovations with our developing member countries across Asia and the Pacific.”

Executives from DBS, Keppel Infrastructure, Alba Group and ABC Impact joined Kanda for a roundtable exchange, focusing on investment opportunities underpinning the Asean Power Grid initiative and broader regional integration.

Kanda’s visit included high-level talks with Indranee Rajah, Singapore’s governor to the ADB, and Chia Der Jiun, managing director of the Monetary Authority of Singapore. The discussions covered deepening financial cooperation and addressed common climate vulnerabilities, particularly sea-level rise.

The ADB is also collaborating with Singapore’s Energy Market Authority to back the city states’ ambition to import up to 6 gigawatts of renewable electricity from neighbouring countries.