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The DBS Bank and the Cities Development Initiative for Asia (CDIA) have entered into a Memorandum of Understanding (MOU), which details how the two organizations will undertake collaborative activities to promote investment in urban infrastructure development in Developing Member Countries in Asia.
The DBS believes there is a large infrastructure funding gap in Asia partly due to projects being often unprepared with a lack of financial advice. CDIA provides assistance to medium-sized Asian cities to bridge the gap between their development plans and the implementation of their infrastructure investments. The collaboration will help DBS explore possibilities to finance projects that CDIA has helped to prepare.
The MOU between CDIA and DBS Bank is a major milestone for CDIA as it opens the way for cost recovery. With this signing CDIA is gaining additional acknowledgement of being relevant to link cities to private sector financing and PPPs.
The MOU was signed on October 21, 2013 during the “Public-Private Partnerships for Asian Cities: Financial Innovation to Create Sustainable Urban Infrastructure Workshop” at the Smart City Week 2013 in Yokohama, Japan.
Signing the Memorandum of Understanding were Wee Seng Lim, Managing Director, DBS Bank, Srinivas Sampath, CDIA ADB Program Manager and Bernhard Dohle, CDIA GIZ Program Coordinator.