Hanoi (VNA) – Singaporean Finance Minister Heng Swee Keat announced the launch of Infrastructure Asia at the eighth Asia-Singapore Infrastructure Roundtable on October 23.

In his opening address, Heng said the new government agency will serve as a bridge for different industry players across the infrastructure ecosystem, multilateral development banks, and the public sector.

It will work closely with the private sector, governments, and commercial and multilateral development banks to provide customised solutions to meet the specific needs and requirements of each local market.

The agency is also expected to be a one-stop platform for the information exchange and sharing of best practices in Asia.

At the roundtable, Infrastructure Asia signed two memoranda of understanding with the World Bank (WB) and the Singapore Business Federation.

According to a publication released by the Asian Development Bank (ADB) in June, the infrastructure needs of developing countries in Asia will reach nearly 26 trillion USD from 2016 to 2030, or 1.7 trillion USD per year.–VNA