Singapore and the World Bank

Singapore officially joined the International Bank for Reconstruction and Development (IBRD) on August 3, 1966[1] after Singapore's independence from Malaysia. By 1975, Singapore received 14 total loans from the World Bank, 10 of these loans were used exclusively for infrastructure projects. Currently, Singapore is a member of World Bank Group Institutions including International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), International Development Association (IDA), and the International Centre of Settlement of Investment Disputes (ICSID).[1]

World Bank
The World Bank in Singapore
FormationAugust 3, 1966
Type104th member
Legal statusMember of all World Bank Group Institutions
HeadquartersWorld Bank HQ: Washington, D.C., U.S.
Membership
IBRD, IFC, MIGA, IDA, and the ICSID
Key people
Tharman Shanmugaratnam, Singapore Governor Andin Hadiyanto, Executive Director for Southeast Asia
Parent organization
World Bank Group
Websiteworldbank.org

Infrastructure Projects

The Port of Singapore Expansion and Improvement Project

The first infrastructure project was the expansion of the Jurong Harbour in Singapore. The objective of the project was to help establish new real estate and satellite cities surrounding the area.[2] Estimated to cost S$14-million, the Jurong Port was completed in 1966. During this time, it was estimated that about 200-300 jobs were created.[3] Additionally, the harbour's expansion linked Singapore to international shipping lines.

Upon completion, the Jurong Port had 5 deep-water berths, stretching a total of 9,000 feet. These deep-water berths allowed the deepest ships to dock in port to provide the city with cargo and raw materials.[4] Additionally, the new berths helped increase port traffic significantly. The project was successful and, in 1969, the government began to draft new plans for the port.[3]

Current Agreements with the World Bank

Singapore: First Infrastructure and Urban Development Hub

In 2015, Singapore signed an agreement with the World Bank to establish the country as its first infrastructure and urban development hub. The operation will employ hundreds of new people over the next 2 years in both the World Bank and the private sector arms. The new hub will provide financing and services to developing economies with a focus on sustainable infrastructure and urban development.[5] Projects on the public sector side will be dedicated to sustainable energy, transport, information and communications technology, public-private partnerships, trade and competitiveness, and urban development as well as the global infrastructure facility.[6]

gollark: Not as much as it would be if one entity just did *all* economic planning.
gollark: It's not an infrastructure problem, it's a this-is-computationally-very-hard problem, and a horribly-centralizes-power problem, and a bad-incentives-to-be-efficient problem, and a responding-to-local-information problem.
gollark: And in general lots of things can be done better, or *at all*, if you have a giant plant somewhere producing resources for big fractions of the world.
gollark: Some resources (lithium and such are big issues nowadays) only exist in a few places, so you have to ship from there.
gollark: This also doesn't seem practical.

References
  1. "The World Bank | Singapore | Overview".
  2. "Appraisal of the Port of Singapore Expansion and Improvement Project (A Supplementary Report)" (PDF).
  3. "Jurong Wharf is completed - Singapore History". eresources.nlb.gov.sg. Retrieved 2017-06-06.
  4. "Jurong harbour directly linked to the world shipping lanes". The Straits Times. Retrieved 2017-06-06.
  5. "World Bank to put up infrastructure development hub in Singapore | PortCalls Asia | Asian Shipping and Maritime News". www.portcalls.com. Retrieved 2017-06-06.
  6. "The Business Times. World Bank to create its first infrastructure hub in Singapore".
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