The Governments of Singapore and the United States have renewed an existing infrastructure development agreement and have expanded the scope to include green projects as well. The Ministry of Trade and Industry (MTI) of Singapore has signed a memorandum of understanding (MoU) with the United States International Development Finance Corporation (DFC) to implement the agreement.
In addition to developing green and sustainable infrastructure projects in Singapore, the new MoU will also explore new methods to enlist private sector engagement. Both governments will also improve collaboration through information sharing, transaction facilitation, competence development efforts, and assistance for future infrastructure projects in sectors of mutual interest, including renewable energy and carbon capture in Singapore.
The initial MoU was signed in 2019 with the aim of boosting collaboration between infrastructure authorities in both the countries and increasing infrastructure trade and investment between the US and Singapore.