Illustrative Image (Source :VNA)
International policymakers and leading minds in finance gathered at the 6th World Bank (WB)- Singapore Infrastructure Finance Summit in Singapore on October 20 to discuss measures to foster private capital in infrastructure development.

At the event, Singaporean Deputy Prime Minister Tharman Shanmugaratnam underscored the crucial roles of structural reforms and infrastructure in periods of sluggish economic growth.

He said that the participation of private investors in fine-tuning infrastructure facilities will enhance socio-economic development while easing the burden on the state budget and banks.

The Deputy Prime Minister underlined key initiatives by the Monetary Authority of Singapore (MAS) to facilitate the private sector involvement in infrastructure investment, adding that the central bank will work with commercial banks to provide better project documentation and tackle non-commercial risks associated with infrastructure investment.

Meanwhile, Jordan Schawartz, WB Head of the Global Infrastructure Facility, stated that infrastructure investment requires maximum investment from all economic sectors together with a favourable business environment.

According to the WB’s estimation, developing countries will need about 1 trillion USD a year by 2020 to meet the urgent needs of infrastructure as well as maintain the economic growth rate.

WB experts said Vietnam needs to implement comprehensive solutions such as restructuring its banking sector, developing domestic capital and attracting public-private partnership investment to satisfy infrastructure development worth 16-17 billion USD every year.

The summit, held annually by the WB, the Singaporean Ministry of Finance, the MAS and the Financial Times in association with the World Bank- ASEAN infrastructure Network, has become the leading international forum for public-private debates on infrastructure investment.-VNA