The Parliament of Singapore has passed a new law allowing the government to borrow to smooth out the forecasted hump in construction spending in the country. The Significant Infrastructure Government Loan Act (Singha) will allow the government to borrow up to USD90 billion to finance infrastructure projects related to climate change adaptation, key roads and highways, deep tunnel sewerage system, and the Mass Rapid Transport (MRT) network. The interest rate on such borrowings cannot exceed USD5 billion a year, and each project financed under the legislation must be substantial and cost at least USD4 billion. The government will continue to fund other infrastructure needs with its recurring revenue.