Singapore lists Indian infrastructure project in new online portal worth $2.7bn: Report

Singapore-based Infrastructure Asia launched an online portal that enlists development projects worth $2.7 billion in India and Asia. The portal aims to connect developers and financiers with the government for coordinated regional growth, foster collaboration, and dynamic expansion of opportunities in Asian countries. According to the Singapore government, as cited by ANI, the online platform offers potential for sustainable infrastructural development.

The initiative was unveiled by Singapore's Second Minister for Finance Indranee Rajah last week on August 2. The portal brings together potential growth opportunities and experts to provide a surface for expansion of economic development in the Asian region, Rajah said. The platform is in collaboration with the Singapore Central Bank and the Monetary Authority of Singapore (MAS).

India is among the $2.7bn infrastructural projects listed

As many as 11 projects ranging from marine to civil infrastructure are currently listed on the online platform, with a value topping $2.7 billion. Among them is the New Delhi Railway Redevelopment Project (Stage 2). Further, there are two logistical development projects, seven water and sanitation projects, and transportation projects.

Indonesia holds the largest count with 5 projects listed in the Infrastructure Asia online portal. Meanwhile, the Philippines and Cambodia are second in line with two each, followed by Vietnam and India with one each on the list.

"There was a need for a platform that was neutral, a platform that has some level of independence and more importantly, a platform that can do some curation," said Lavan Thiru, executive director of Infrastructure Asia, adding that the process of finding prospects and linking them to potential customers is expensive, as quoted by ANI.

How will this work?

 Infrastructure Asia said that the online portal offers an ecosystem for private firms to work together with public departments, ensuring reliable growth for both sides. The firms that can enlist themselves reportedly have no bounds- it will include engineering companies, professional service providers, financial institutions, multilateral development banks, and more. Once listed, project owners can get in touch with the interested second and third party and vice versa to discuss details in terms of value, length of the project, etc. to reach a mutually as well as societally beneficial deal.

(Image: Unsplash/ANI/AP)