SINGAPORE - Singapore aims to standardise 50 per cent of the terms in project finance documents in the coming year, said Minister in the Prime Minister's Office Indranee Rajah on Wednesday .
To do this, Infrastructure Asia, a year-old government agency, is working with legal providers on standardised clauses in project finance loans, to reduce time and cost and make processes more transparent.Ms Indranee, who is also Second Minister for Finance and Education, added:"We hope this will contribute to a more vibrant secondary market in infrastructure debt, and attract non-bank investors into this asset class.
The Asian Development Bank has forecast that, left unaddressed, climate change could reduce the region's gross domestic product by 11 per cent by the end of the century. Calling for greater cooperation among Asean members, multilateral institutions and private sector players, she said that technology can revolutionise the infrastructure landscape and help tackle the region's rapid urbanisation.