Singapore, June 7, 2018—
IFC, a member of the World Bank Group, and the Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MOU), agreeing to work together to accelerate the growth of green bond markets in Asia. The MOU marks the start of a closer collaboration between MAS and IFC to jointly advance the green finance agenda.
Under the MOU, IFC and MAS will encourage green bond issuances by financial institutions (FIs) in Asia in two ways:
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enhance the awareness and knowledge of professionals working in FIs on green finance issues through capacity building programmes; and
·
promote the use of internationally recognised green bond standards and frameworks.
“Addressing climate change will require innovative, high impact financial solutions that mobilize the private sector,” said Mr. Vivek Pathak, IFC’s Director for East Asia and the Pacific. “Through this collaboration with MAS, we hope to strengthen financial institutions’ awareness of green bond issuances and help build capacity for decision makers and banks. We believe Singapore, as the rising financial hub of Asia, is well placed to catalyze the funding of low carbon investment and financing in the region and be at the forefront of this growing asset class.”
Mr. Ng Yao Loong, Assistant Managing Director, Development & International Group, MAS, said, “Green bonds are gaining traction in Asia. The region now contributes about a quarter of global green bond issuances annually. MAS is pleased to partner IFC to help promote Asia’s green bond journey. We will also provide funding support through the MAS Green Bond Grant Scheme and various financial training schemes.”
The signing of the MOU took place on the sidelines of the IFC – Environmental Finance Green Bonds Asia Conference in Singapore. The event saw more than 250 attendees from key Asian financial institutions gather for in-depth discussions on ways to scale
up green bond issuances in Asian emerging markets.
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About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
