The Asian Development Bank (ADB) and a Singapore government body, Singapore Cooperation Enterprise (SCE), are aiming to foster cooperation between the public and private sectors to meet Asia's infrastructure needs, particularly in the water sector, the ADB and SCE said Tuesday.
They launched Tuesday Asia Infrastructure Project Development Pte. Ltd. (AIPD), which is expected to facilitate investment in the region's infrastructure development.
'In terms of business opportunities, the AIPD is expected to generate $150 million worth of public-private partnership projects for private companies annually, including Singapore and other international water companies,' said Lim Hwee Hua, Singapore's senior minister of state for finance and transport.
The initiative is timely, given the huge demand for urban infrastructure investment in Asia, Lim said in a speech at the launching of AIPD.
'The initial focus on water and environmental managements fits very well with what Singapore can offer,' Lim said. In Singapore all waste water is collected and treated to produce clean water, he said.
AIPD will initially focus on China, where the Kunming and Harbin municipal governments have agreed to let it assist in waste water collection and treatment projects, water recycling, sludge treatment and solid waste management, said Lim.
China needs about $140 billion in new investment in water and waste water treatment plants and water recycling facilities to hit its target of extending the water supply to 95 percent of the population and waste water treatment services to 70 percent of the population by 2010, the ADB said. Currently only about 40 percent of urban waste water in China is treated and the rest is discharged into rivers, lakes or the sea.
'AIPD will be an innovative one-stop shop that provides the necessary resources and expertise to identify and develop projects from the time they are being drawn up until they are completed and are being considered for public-private partnership undertakings,' said Seethapathy Chander, deputy director-general for private-sector operations at the ADB.
The ADB is investing $4 million in a 40 percent stake in AIPD and three Singapore companies -- United Engineers Singapore Pte. Ltd., Konzen Environment Pte. Ltd. and Crest Spring Pte. Ltd. -- are also investing in the venture, the ADB said.
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The Asian Development Bank (ADB) has been a catalysing force for regionalisation amidst a host of regional processes and initiatives; as such it has found itself the object of critique as an institution and through the specific projects it has supported that have impacted on local communities and ecosystems.
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