Finance Ministers from across ASEAN will gather at the 8th World Bank-Singapore Infrastructure Finance Summit to discuss and share their priorities on the significant, renewed efforts underway to improve infrastructure in one of the world’s fastest-growing economic blocs. Southeast Asia’s vast infrastructure requirements provide a major opportunity to investors and developers. Innovative strategies are needed, however, to mobilise the private capital essential to bridge the financing gap. This year's Summit will explore progress by multilateral agencies in developing financial structures and solutions to incentivise investment, and the opportunities emerging from China's Belt and Road Initiative and other mega cross-border projects. Attendees will benefit from the very latest insights on how the bankability of the project pipeline is being enhanced to strengthen the risk-return profile, and how the increasing attention to sustainability is influencing investment. Join Ministers from across ASEAN, leading international investors, financiers, developers and advisors, at this, the leading forum for public-private debate on infrastructure investment.
World Bank - Singapore Infrastructure Finance Summit
Finding New Ways to Mobilise Private Capital in Southeast Asia
Swee Keat Heng
Minister for Finance, Singapore
Government of Indonesia
World Bank Group
In association with
Finance Ministers from across ASEAN will join investors, project developers, financiers and advisors at the 8th World Bank-Singapore Infrastructure Finance Summit to discuss progress on the significant, renewed efforts underway to improve infrastructure in one of the world’s fastest-growing economic blocs.
New seaports, airports, roads, highways, telecommunication towers, water plants and much more must be built, and the old upgraded. Emerging Asia’s infrastructure will need an estimated US$26 trillion until 2030, including US$3.4 trillion of spending to alleviate climate change. That works out to more than US$1.7 trillion each year. Much of that will be required in ASEAN.
For governments in the region, it is critical to find the necessary private finances to fun these significant needs. This has been made somewhat easier as yields fall in the developed world and investors turn towards emerging markets for opportunities. And in the current economic and monetary environment, infrastructure generally is an increasingly attractive asset class, especially for institutional investors looking for steady, long-term growth.
However, the projects on offer and the financing structures need to be viable. Multilateral agencies like the World Bank and the Asian Development Bank, along with new emerging entities such as the New Development Bank and Asian Infrastructure Investment Bank (AIIB), are intensifying efforts to harness private money through funding packages and by helping governments identify the most appropriate areas for private-sector engagement. Increased lending from China and Japan is also helping to improve the financing landscape.
A key investment priority for regional bodies like ASEAN, as well as global efforts like the Global Infrastructure Connectivity Alliance, and special initiatives like China’s Belt and Road Initiative (BRI), is cross-border connectivity. Besides triggering the release of billions of dollars, such collaborative mega-initiatives will have a dramatic impact not only on the countries involved, but also on the financiers and developers drawn into their ambit.
Bearing in mind uncertain geopolitics and global economic volatility, what are the best strategies to mobilise private capital in Southeast Asia? How are governance, transparency and bureaucratic processes evolving in tandem with ASEAN’s economic integration? To what extent is the increasing attention to climate change influencing investment? How can smaller-scale renewable energy projects, for instance, be coordinated with the bigger initiatives of the BRI?
These issues and more will be discussed at the Summit by ASEAN Finance Ministers and other senior policy-makers, investors, developers and advisors. Organised by the World Bank Group, the Ministry of Finance of Singapore, the Monetary Authority of Singapore and the Financial Times, in association with the World Bank-ASEAN Infrastructure Finance Network, this event has become the leading international forum for public-private debate on infrastructure investment.
Swee Keat Heng
Mr Heng Swee Keat is the Minister for Finance and Member of Parliament for Tampines GRC. The Ministry of Finance manages the national budget, oversees corporate governance regulations, and supervises the prudent investment and utilisation of public funds and government reserves. Mr Heng co-chaired the Committee on the Future Economy (CFE), which charted the strategies for Singapore's next phase of growth. He chairs the tripartite Future Economy Council, which oversees the implementation of national strategies in areas such as skills and capabilities development, innovation and productivity, and industry transformation. He is also the Deputy Chairman of the National Research Foundation, which sets the direction for Singapore's research, innovation and enterprise strategies.
Before this, Mr Heng served as Minister for Education from 2011 to 2015. He drove programmes for a student-centric, values- driven education system, emphasising the holistic development of students and multiple educational pathways. While at MOE, Mr Heng also led Our Singapore Conversation, a national consultation exercise that reached out to close to 50,000 Singaporeans on their aspirations for Singapore's future. In 2015, he chaired the Singapore 50 (SG50) Steering Committee leading the celebrations for Singapore's Golden Jubilee.
Prior to entering politics in May 2011, Mr Heng was the Managing Director of the Monetary Authority of Singapore (MAS), where he received the "Central Bank Governor of the Year in Asia-Pacific" Award from The Banker. He has served in various other public service positions, including appointments in the Singapore Police Force, as the Permanent Secretary of the Ministry of Trade and Industry, as the Chief Executive Officer of the Trade Development Board, and as the Principal Private Secretary to the then-Senior Minister Lee Kuan Yew from 1997 to 2000. In 2001, Mr Heng was awarded the Gold Medal in Public Administration, and the Meritorious Medal in 2010 for his contribution to the public service in Singapore. Mr Heng has an MA in Economics from Cambridge University. He also holds a Masters in Public Administration from the Kennedy School of Government, Harvard University.
His Excellency Dr Basuki Hadimuljono is the Minister of Public Works and Public Housing of Indonesia, and has held key positions at the Ministry. Dr. Hadimuljono served as Director General of Spatial Planning in the Ministry before being appointed as Minister by President Joko Widodo. From 2007 to 2013, he was Inspector General of the Ministry, and from 2005 to 2007, he led the Ministry’s Research and Development Unit. Dr Hadimuljono was also previously Chief Commissioner of state-owned builder Wijaya Karya. An engineer by training, Dr Hadimuljono holds an undergraduate degree in Geological Engineering from Gadjah Mada University in Yogyakarta and Master’s and Doctorate degrees in Civil Engineering from Colorado State University, USA, majoring in irrigation.
As Managing Director and Chief Financial Officer, Joaquim Levy is responsible for the financial and risk management strategies of the World Bank Group and for the institutions that make up the Group. This includes development of new, innovative financial products and services, oversight of the financial reporting, risk management, and mobilisation of financial resources in alignment with the Group’s strategy. Dr Levy contributes to the international dialogue on financial standards and best practices, primarily through his representation of the Group at the Financial Stability Board. Dr Levy joined the World Bank Group in February 2016. Previously, he served as the Minister of Finance for the Federal Republic of Brazil, working with the President and government in reforming the world's fifth largest economy. From 2010 to 2014, he was CEO of Bradesco Asset Management S.A. Distribuidora de Títulos e Valores Mobiliários, a division of Banco Bradesco S.A., Brazil's second-largest private bank group, handling a portfolio of more than $130 billion. In 2007, Dr Levy was appointed as the Secretary of Finance of the State of Rio de Janeiro, leading the state to receive an investment-grade credit rating from Standard & Poor's in early 2010. From 2006, he was the Executive Vice President of Finance and Administration at the Inter-American Development Bank. In 2003, he was appointed as the Secretary of Brazil's National Treasury. In 2001, he was appointed as the Chief Economist at the Brazilian Ministry of Planning, Budget & Management. He became the Deputy Secretary of Economic Policy at the Brazilian Finance Ministry in 2000. Dr Levy also served as Board Member of Banco Nacional de Desenvolvimento Economico e Social. Prior to serving as a Visiting Economist at the European Central Bank from 1999 to 2000, he held several positions within the International Monetary Fund from 1992. Dr Levy holds a Doctorate in Economics from the University of Chicago, and a Master's in Economics from Getúlio Vargas Foundation. He graduated in Naval Architecture and Marine Engineering from the Federal University of Rio de Janeiro.
Eng Seng Ang
Eng Seng Ang is GIC’s Chief Investment Officer for Infrastructure, and Adviser to the Integrated Strategies Group (ISG). He was previously was President of Europe and Head of ISG. Mr Ang joined GIC in 1994 and served concurrently as Global Head of the Direct Investment Group and Head of the Infrastructure Group from 2009 to 2012. Between 2003 and 2009 he was Head of the European Private Equity Group, and before that, from 1999 to mid 2003, he was head of the Greater China Team for GIC Special Investments. From 1996 to 1998, he was seconded from GIC to China International Capital Corporation in Beijing, first as Deputy General Manager and subsequently as General Manager of its Direct Investment Department. Prior to joining GIC, Mr Ang was a Director of the Auditor-General's Office in Singapore. Mr Ang holds an MA from Cambridge University. He is a qualified Certified Public Accountant (CPA) and a charter holder of Chartered Financial Analyst (CFA).
Surya Bagchi is the Global Head of Project and Export Finance at Standard Chartered Bank. He oversees a team that originates and executes Project Finance, multilateral and export credit agency backed financing for corporate, commercial and financial institution clients of the Bank globally in its footprint markets. He reports to Sumit Dayal, Global Head of Corporate Finance. Mr Bagchi joined Standard Chartered Bank in 2001. He has worked in a range of senior product and coverage roles across the Bank’s footprint. He was Global Head of Commodity Traders and Agribusiness based in Singapore from 2013 to 2015. He was based in India from 2011 to 2012 as the Regional Head for Global Corporates client segment. Prior to this, he was based in Dubai from 2005 where he set up the Bank’s Leveraged Finance desk, worked as Managing Director responsible for Corporate Advisory and Acquisition Finance and subsequently as Senior Banker responsible for coverage of key strategic clients of the Bank in the Middle East. He held key senior relationship management positions for prominent corporate clients of the Bank in India from 2001 to 2005. Mr Bagchi joined ANZ Banking Group in 1992 as a Management Trainee and worked in key relationship management roles across India and in the Debt Syndication Group of ANZ Investment Bank based in London, Mumbai and Delhi. He is a postgraduate in Management from the Indian Institute of Management, Ahmedabad.
Terry Fanous is Managing Director, Moody’s Investor Service in Singapore and has over 25 years of experience in credit ratings and bank credit risk management. In his current role since 2015, he leads Public, Project & Infrastructure Finance in Asia Pacific. He oversees ratings teams in Hong Kong, China, Singapore, Australia, and Japan which are responsible for Moody’s extensive coverage across the public and infrastructure sectors, including transport infrastructure, regulated utilities, power and social infrastructure. Prior to this he spent seven years as an Associate Managing Director and head of corporate, project and infrastructure finance ratings for Australasia, based in Sydney. During that period, Moody’s rating coverage for this region grew substantially to more than 100 rated issuers. Mr Fanous was also previously responsible for Moody’s coverage of the oil and gas as well as mining sectors in Asia Pacific. Before joining Moody’s in 2000, he worked for around 12 years in various risk management and credit origination roles at Westpac Institutional Bank in Sydney. His last position at Westpac was Senior Manager, Credit and Divisional Credit Officer, responsible for approving credit exposures to institutional clients.
Dato' Muzaffar Hisham
Dato’ Muzaffar Hisham is the Group Head, Global Banking and is responsible for Maybank Group’s Global Banking business. This is anchored on Client Coverage teams and is supported by five key product groups which are Investment Banking, Global Markets, Corporate Banking, Transaction Banking and Asset Management. His role includes planning and executing Global Banking’s business growth and regionalization strategies such as identifying new markets and business opportunities as well as strengthening and entrenching Global Banking’s business in Maybank Group’s regional markets. Dato’ Muzaffar has more than 22 years of experience in banking and financial services. His banking background and experience covers Debt Markets, Investment Banking and Islamic Banking. In 2013, he was Islamic Banker of the Year at the Asset Triple A Islamic Finance Awards. This was in recognition of his role in developing Islamic finance regionally and in growing Maybank Group’s Islamic banking business. Dato’ Muzaffar holds a Degree in Economics and Accounting from University of Bristol.
Rajeev Kannan is Executive Officer and, Head of Investment Banking, Asia of Sumitomo Mitsui Banking Corporation (SMBC). Currently based in Singapore he joined the SMBC in 1997 and has over 22 years of investment banking and debt finance experience globally. He is currently responsible for products including derivatives, syndications, project finance, ECA finance, asset finance, securitisation, and M&A and sponsor finance. He worked out of the Tokyo headquarters from 2012 to 2015 as Director and General Manager of the Structured Finance Department covering the structured finance business in Japan and globally, and before that as General Manager of the Project & Export Finance Department. He was the first non-Japanese Director/General Manager to be based in SMBC’s Tokyo headquarters. Mr Kannan was previously SMBC’s Head of Structured Finance Asia Pacific in Singapore, with responsibility for infrastructure & project finance, M&A and sponsor finance, ECA finance, and aircraft finance for the region. He has also been involved in key SMBC initiatives in Asia including FDN in Columbia, and is a member of Board Director of Clifford Capital Pte Ltd, on the Board of Commissioners of PT Indonesia Infrastructure Finance (IIF), and sits on the investment committee of Core India Infrastructure Fund. Prior to joining SMBC, Mr Kannan worked for ICICI Bank in Mumbai for from 1994 to 1997. He holds a Masters Degree in Management and Engineering from Birla Institute of Technology & Science (BITS), Pilani in India.
Victoria Kwakwa is the World Bank’s Vice President for the East Asia and Pacific, overseeing a portfolio of more than $32 billion in loans, grants, credits, and trust funds across 23 countries. She leads the World Bank’s strategy in East Asia Pacific which focuses on inclusion and empowerment; jobs and private sector-led growth, governance and institutions, infrastructure and urbanization, climate change and disaster risk management, as well as the cross-cutting themes of gender, fragility and conflict, and poverty analytics. She was previously the World Bank’s Country Director for Vietnam, overseeing a multibillion-dollar lending portfolio and an innovative knowledge program, including the recently published Vietnam 2035 report, which presents options for Vietnam to achieve its ambitious goal of becoming an upper-middle-income country in a generation. Before moving to Hanoi, Ms Kwakwa served as the Country Manager for Rwanda, where she worked with the government to design and pilot programs in social protection, health financing, and agriculture productivity. From 2000 to 2006, she was a senior economist and lead economist in Abuja, Nigeria. Ms Kwakwa holds her doctorate and master’s degree in economics from Queen’s University in Canada.
Clive Kerner has been Chief Executive Officer of Clifford Capital since its inception in 2012. He has 30 years of emerging markets finance experience and a proven track record as a CEO of start-up financial institutions. Before joining Clifford Capital, he was CEO of Linq Asia Capital AG, a finance company focused on high yield and mezzanine credit investing in South East Asia. Prior to this, he worked in a prominent Asian family office in Singapore and Jakarta. Mr Kerner previously spent 20 years in investment banking with Dresdner Kleinwort Wasserstein (“DrKW”), with a focus on project and structured finance in the power, utilities, infrastructure and resources sectors, primarily in Asia, where he was based in Singapore with other postings in Kuala Lumpur and London. He was latterly Head of DrKW’s Asian Utilities and Infrastructure business in Singapore. He is also a non-executive Director of Singapore LNG Corporation Pte. Ltd., Changi Airports International Pte. Ltd., Pierfront Capital Fund Management Pte. Ltd., and Pierfront Capital Mezzanine Fund Pte. Ltd. Mr Kerner holds an MBA from the Cass Business School in London and a BA in Economics from the University of Sheffield.
Wee Seng Lim
Wee Seng Lim heads up Project Finance business at DBS, and also serves as Country Head of Vietnam. He is also a founding member of Clifford Capital, a specialist finance company set up to address gaps in the project and structured asset-backed finance markets. For the past 15 years, he has been deeply involved in project financing in Asia, covering projects in Indonesia, Malaysia, Vietnam, Australia, Singapore, India and China. His sector experience includes power (both merchant and IPP/Captive models), PPPs and oil and gas (including LNG). Mr Lim leads a team of project finance professionals across three geographies, Singapore, Seoul and Beijing. Recent and on-going transactions include acting as Financial Advisor for a 2,000MW Ultra-supercritical IPP in Indonesia, a 200MW mine-mouth power plant, a High-Speed Rail project and a water desalination project in Singapore in addition to multiple loan arrangement roles in the Asia Pacific. Mr Lim holds a Bachelor’s Degree in Business Studies (Banking) (Honours) from the Nanyang Technological University, Singapore.
Kian Min Low
Kian Min Low is Chief Development Officer at JERA Energy Development Asia. He brings with him two decades of experience in the power industry. Prior to joining JERA, Kian Min was the Head of Business Development for ASEAN of Sembcorp Industries. At Sembcorp, Mr Low led the company’s expansion into Myanmar with the Myingyan power project – the first internationally tendered and project financed power transaction in that country. He was also formerly the CEO of PT Paiton Energy – Indonesia’s largest Independent Power Plant, during which he led the development, construction and operation of the 815-megawatt coal-fired Paiton III project. Mr Low had also previously served as Deputy Regional Director (Asia), Head of Business Development (Australia), and General Counsel (Australia) at International Power (now part of Engie). He is a graduate of The Australian National University with a Bachelor of Commerce degree and a Bachelor of Laws degree (First Class Honours).
Alfredo Perdiguero is Director of the Regional Cooperation and Operations Coordination Division in the Southeast Asia Department at the ADB. He joined the ADB in 1999 and has worked in Southeast Asia for the last 19 years. He has gained broad exposure and deep knowledge from his extensive work on regional cooperation and integration issues in the Association of Southeast Asian Nations (ASEAN), the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA), and the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), and the Greater Mekong Subregion (GMS). Prior to joining ADB, Mr Perdiguero was an economist in the European Union Delegation in South Africa. He also worked as a trade specialist in the Spanish Embassy in Egypt and in several NGOs in Latin America. He was previously a Lecturer at universities in Madrid, Spain and at the Ateneo Graduate School of European Studies in Manila. He holds a Master’s degree in Economics, from the Autonoma University in Madrid and the Free University of Berlin.
Dany Qian is a Global Vice President of JinkoSolar. As part of Jinko’s leadership team, Ms Qian has extensive experience on scaling businesses in the solar industry and led the execution of Jinko’s market positioning strategy through the company’s transformation into an industry leader. As an industry veteran, she has first-hand exposure to the turbulent nature of the solar industry and has directed the company in navigating through rapid industry changes. She has been very active in the global sustainability conversation. Last year, she was invited to deliver an address at the 9th BRICS Summit, co-chaired the B20 Energy, Climate, Resource & Efficiency taskforce and handed the taskforce’s recommendation to Angela Merkel, the chairwoman of the G20 summit. Ms Qian was also the only representative from the solar industry at the landmark Paris Climate Agreement meetings.
Mark Rathbone is PwC’s Asia Pacific Capital Projects & Infrastructure Leader and is part of the Global CP&I Leadership team. He has lead responsibility for the CP&I team in Singapore, Myanmar, Thailand, Laos and Cambodia, and has advised on a range of transactions across the Infrastructure, Project Finance and PPP market, including transactions in Energy (gas/oil storage), Power and Renewables, Rail, Defence, Education, Health, Accommodation, Transport, and Sports sectors including secondary market transactions and debt raising. Mr Rathbone advises on large infrastructure transactions that straddle the complex interface between public and private sectors. He has been integral to the development of project structures, tariff mechanisms, risk allocation and the related funding solutions for large infrastructure transactions, while also leading the development and negotiation of PPP, joint venture and concession type contracts. Prior to joining the CP&I Practice, he worked in the Audit and Business Advisory Services business of PwC in the UK where he was involved in both audit and transaction services work for a wide range of clients in the entertainment, media and oil and gas sectors. Mr Rathbone completed ACA training at PwC and is a Member of the Institute of Chartered Accountants in England and Wales. He holds a Bachelor of Commerce from the University of Stellenbosch, South Africa
Jyoti Shukla is Director of the World Bank Group’s Infrastructure and Urban Hub in Singapore. In this capacity, she oversees and facilitates the activities of some 200 WBG staff representing all entities of the World Bank Group, including IDA/IBRD, IFC and MIGA, and acts as the focal point for external partners. The Singapore hub focuses primarily on improving infrastructure services and promoting smart urban development through public-private sector partnerships. Ms Shukla joined the World Bank as a Young Professional in 1994 and has since held multiple positions, largely in the area of public-private partnerships in infrastructure. Her most recent position in the Bank Group has been as Director of the Global Water Practice. She has also led various WBG programs in infrastructure, including as Senior Manager of the Water and Sanitation Program (WSP), as Sector Manager for Energy in South Asia, and as Program Manager for the Public-Private Infrastructure Advisory Facility (PPIAF). The World Bank offers development financing to governments and also advises governments on key policy and institutional issues to incorporate financial, economic and environmental sustainability in their policy interventions. Ms Shukla holds masters’ degrees from the Delhi School of Economics and the Woodrow Wilson School of Public and International Affairs at Princeton University. Before joining the World Bank, she held a faculty position at Princeton University and worked with a development consulting firm in India.
Josh Sgro is a Partner in the White & Case Projects practice. He focuses on infrastructure development, acquisition / divestment and financing (both debt and equity). He has extensive experience advising on transactions that together span the entire lifecycle of infrastructure assets (e.g. development, financing, acquisition / divestment, refinancing, re-capitalisation, concession extension and handover). His experience includes advising on infrastructure and energy transactions - in particular WestConnex, a A$16.5 billion motorway partial privatization based in Sydney; Transgrid - A$10.258 billion electricity distribution network in New South Wales; and the A$11 billion Melbourne Metro Rail Project - throughout MENA, North America and Europe. Mr Sgro has been awarded Australian Financial Review “Lawyer of the Year” (2014-2015 Project Finance and Development Practice); Honorary General Counsel - Infrastructure Partnerships Australia (2014-2016); Chambers Global: Leading Individual (Projects: Australia); amongst others, and is a member of the Advisory Board for the University of Melbourne Law School.
Nena Stoiljkovic is IFC’s Vice President for Asia and Pacific. In this capacity, Ms Stoiljkovic is responsible for all IFC operations in the region. She has global experience in development issues such as climate change, gender, and fragile and conflict-affected situations including through her recent role as Vice President of Blended Finance and Partnerships. Ms Stoiljkovic has a track record of promoting development finance innovation in a variety of leadership roles at IFC. Most recently, she played a key part in the corporation's efforts to build a new architecture for development finance with other institutions, governments, and the private sector. She helped shape the World Bank Group strategy, working with the International Development Association (IDA) on a pioneering private sector window to catalyze greater private investment in low-income and conflict-affected countries. Earlier, Ms Stoiljkovic co-led the establishment of the World Bank Group's Global Practices and Cross-cutting Solutions Areas. In this role, she brought private sector experience into the process of harnessing global expertise to help government clients tackle development challenges. This expertise combined with strong operational experience in IFC’s investment and advisory businesses through her roles as a co-Vice President of IFC Operations, Vice President of Advisory Services, and Director of the Europe and Central Asia region. Ms Stoiljkovic joined IFC in 1995 as an Investment Officer. Prior to that, she worked as a consultant at the Economic Institute of Belgrade. She holds an MBA from the London Business School.
Joachim von Amsberg
Joachim von Amsberg is Vice President for Policy and Strategy at the AIIB. He drives the strategic direction for the Bank, including its sectoral and country priorities, its investment strategy and programming, its economic analysis and research, and its operating budget. He oversees the Bank's environmental and social policies, other operational policies, and their implementation. He previously served in a number of progressively senior roles at the World Bank where he most recently held the position of Vice President, Development Finance where he was responsible for the replenishment and stewardship of the International Development Association (IDA), the World Bank’s fund for the poorest, and for trust fund and partnership operations. Dr von Amsberg holds a PhD in economic policy analysis and an MBA from the University of British Columbia. He also holds a MSc in industrial engineering from the Technical University of Berlin.
Kelvin Wong is an Executive Director in the DBS Project Finance team. He has more than 17 years of experience in the energy and infrastructure sectors including more than 14 years in corporate and project financing. Mr Wong has led numerous deals in the renewable energy, conventional power, energy, resources and infrastructure sectors in Asia-Pacific, as an advisor and arranger. These deals included ECA and multilateral financing tranches. He has also spoken at industry seminars and forums and served as the APLMA Singapore PF committee Chairman. Prior to joining DBS, he was the Head of Specialised Finance (Asia) at Commonwealth Bank of Australia where he was responsible for starting up a business that comprises of project finance, real estate finance and acquisition cum leveraged finance. Before that he worked at Standard Chartered Bank and KPMG Corporate Finance. Mr Wong started his career as a Deputy Director at the Energy Market Authority of Singapore and was responsible for framing policies and rules for a deregulated power and gas market.
Chair and Moderators (4)
Jordan Schwartz has worked in the field of infrastructure development since 1991 and s currently the World Bank’s Director for Infrastructure, PPPs and Guarantees (IPG Group). With offices in Washington DC, Singapore, and Dakar, the IPG Group brings together six units that structure infrastructure projects with guarantees and other credit enhancements; finance the preparation of commercially viable investments; fund and provide advisory support and capacity building on investment planning, regulation and PPP design; and develop tools to help governments prioritize investments, assess fiscal liabilities, and structure public- private partnerships. In his prior role, Mr Schwartz was Director of the Infrastructure & Urban Development Hub in Singapore, a center of World Bank operational and analytical activity in East Asia covering the sectors of transport, ICT, water, energy, urban development, trade, and infrastructure finance. Previously, he served as the World Bank’s Manager for Infrastructure Policy, and, before that, as Lead Economist in the Sustainable Development Department of the Latin America and Caribbean Region. Before joining the World Bank, Mr Schwartz worked as a management consultant in the power, water and transport sectors. He was Senior Manager for Infrastructure & Utilities at Deloitte Emerging Markets and, in the early 1990s, an Associate in Booz Allen’s Transport Strategy Group working. He is an author and frequent speaker on a wide range of topics in development economics and finance. He has written extensively on the relationship of risk to infrastructure investment, and is co-author of the book, “Uncovering the Drivers of Utility Performance: The Role of the Private Sector, Regulation and Governance.”
James Kynge is Emerging Markets Editor and Associate Editor at the Financial Times. He is also Editor of beyondbrics, the FT’s emerging economies blog. Previously, Mr Kynge was Principal of FT Confidential, the Financial Times’ premium research services on China, South East Asia and Latin America. He remains Chairman of FT Confidential. A recipient of several journalism awards, Mr Kynge has been a correspondent based in Japan, China, Taiwan, Malaysia, Singapore, Russia, former Soviet Central Asia and Hong Kong over the past 28 years. He was China Bureau Chief for seven years until 2005 and later headed up the Pearson Group of companies' business operations in China. He was also President of FTChinese.com, the FT's Chinese language website. His prize-winning book China Shakes the World was an international bestseller, translated into 19 languages.
Vivek Pathak was appointed IFC Regional Director for East Asia and the Pacific in 2014. He has extensive emerging markets experience in principal investments, restructuring and risk management across all industry sectors. Over the past 18 years at IFC, he has covered Asia Pacific, Middle East, North Africa and Central Asia in various leadership capacities. Based in Hong Kong, Mr Pathak leads IFC’s advisory and investment operations across 18 countries, which in fiscal year 2017 reached $2.9 billion in long-term investments, including funds mobilized from other investors. Mr Pathak previously served as IFC Director for Investment and Credit Risk based in Washington, DC, managing a team of seasoned professionals responsible for global coverage of credit risk, investment risk, integrity risk, pricing and credit/equity training. Prior to that, he oversaw IFC’s portfolio in the Middle East and North Africa, and led IFC’s business development efforts in frontier markets like Afghanistan, Iraq and Iran. Before joining IFC, Mr Pathak worked with Bank of America and ABN AMRO Bank in new business and risk management. In his capacity as Head of Risk Management at ABN AMRO Bank Thailand, he was responsible for managing a large and diverse portfolio during the Asian Financial Crisis. Mr Pathak holds a Master’s degree in Management from the University of Mumbai, India
Henny Sender joined the Financial Times in 2007. She was previously the Wall Street Journal's Senior Special Writer for the Money & Investing section and covered private equity and hedge funds. Before joining the Journal, Ms Sender worked in Hong Kong for nearly 10 years and covered regional finance for the Wall Street Journal Asia and the Far Eastern Economic Review. Prior to that, she was in Tokyo for five years for Institutional Investor. Ms Sender was part of a team at the Journal that won a Loeb award for coverage of the meltdown of Amaranth, a hedge fund. Her work on the overseas Chinese received a citation from the Overseas Press Club and she was a finalist for the National Magazine Awards. Her book on India, The Kashmiri Pandits, was published by Oxford University Press. Ms Sender holds an MS from the Columbia University School of Journalism. She is a member of the Council on Foreign Relations.
Agenda - 5th Apr
8:00amRegistration and refreshments
9:00amWelcome Remarks from World Bank
Jyoti Shukla, Director, World Bank Singapore Hub for Infrastructure and Urban Development
9:05amWelcome Remarks from Financial Times
James Kynge, Emerging Markets Editor, Associate Editor, Financial Times
9:10amPanel Discussion: Mobilising Private Capital -- New Approaches and Structures
Given the large public funding gap for Southeast Asian infrastructure and the potential for expansion in private finance, efforts are intensifying to find new structures and instruments that reduce risk, boost incentives and generally promote private sector solutions. Multilateral entities are redoubling their efforts to ensure that commercial financing is mobilised to support government investment needs. The World Bank’s Maximising Finance for Development initiative, for example, uses a "Cascade Approach" to assist countries to locate private financing while earmarking public funds for areas less appropriate for private resources. IFC’s Managed Co-Lending Portfolio Program bundles risk insurance into a package of infrastructure loans. Existing assets are increasingly being used to mobilise new sources of financing – for example in Indonesia, with the Paiton Energy refinancing and the securitisation of toll road revenues by Jasa Marga. This session looks at these and other innovative approaches to attract private capital, including ways to increase access to capital markets, the blending of different sources of funds, and other public-private trade-offs.
Terry Fanous, Managing Director, Moody's Investors Service
Clive Kerner, Chief Executive Officer, Clifford Capital
Wee Seng Lim, Managing Director and Head of Project Finance, DBS
Mark Rathbone, Partner, Capital Projects and Infrastructure, Asia Pacific, PwC
Nena Stoiljkovic, Vice President, Asia and Pacific, International Finance Corporation, World Bank Group
Moderator: Henny Sender, Chief Correspondent for International Finance, Financial Times
10:00amSession Framer: Connectivity – Financing and Managing Interdependent Infrastructure Networks
Surya Bagchi, Global Head, Project and Export Finance, Standard Chartered Bank
Moderator: Jordan Schwartz, Director for Infrastructure, PPPs and Guarantees (IPG Group), World Bank Group
10:10amPanel Discussion: Connectivity – Financing and Managing Interdependent Infrastructure Networks
For regional bodies like ASEAN, leveraging connectivity among member-countries is essential to boost development, through enhanced flows of goods, services, investment, telecommunications and technology. Cross-border infrastructure initiatives, particularly around transport, have a major role to play in this effort. The newly minted Global Infrastructure Connectivity Alliance, which held its first annual meeting in Paris in January 2018, is an affirmation of support for this concept. China’s Belt and Road Initiative supports mega cross-border infrastructure projects. Key questions remain, however. From where will the funding come? How best to manage an interdependent infrastructure initiative? And how will intra-regional challenges of monetary divergence, political resistance, environmental concerns, financial instability and differing compliance standards, among other issues, be resolved?
Muzaffar Hisham, Group Head, Global Banking, Maybank
Kian Min Low, Chief Development Officer, JERA Energy Development Asia
Surya Bagchi, Global Head, Project and Export Finance, Standard Chartered Bank
Alfredo Perdiguero, Director Regional Cooperation and Operations Coordination Division, Southeast Asia Department, Asian Development Bank
Josh Sgro, Partner, White & Case
Moderator:Jordan Schwartz, Director for Infrastructure, PPPs and Guarantees (IPG Group), World Bank Group
11:20amCase Study: Indonesia's National Slum Upgrading Programme (KOTAKU)
The Government of Indonesia, under its Five Year Development Plan 2015-2019, has committed to an ambitious target of eliminating slums and achieving universal access to safe water and sanitation by 2019. This session will explore progress to date, and explore how the collaboration between all stakeholders, from government and community, to financiers, is a key factor for project success.
Basuki Hadimuljono, Minister of Public Works and Housing, Government of Indonesia
Joaquim Levy, Managing Director and Chief Financial Officer, World Bank Group
in conversation with James Kynge, Emerging Markets Editor, Associate Editor, Financial Times
1:20pmPanel Discussion: Sustainable Infrastructure — Financing a New Energy Mix
Greater improvements in the economics and efficiencies of alternative energy are attracting more diverse financiers and more corporate investments. This continued push for clean energy solutions is transforming the global energy mix and boosting the development of green bonds and other innovations in climate finance. But hurdles remain. For a start, renewable energy fosters projects can be small-scale and short-term, relative to the massive developments envisaged in the Belt and Road Initiative and other mega-schemes. Are they sufficiently large to attract investment? What are the best strategies to encourage large infrastructure asset owners to turn from fossil fuels to more sustainable solutions? Are Southeast Asia’s regulatory norms sufficient to monitor and manage a greener landscape?
Eng Seng Ang, Chief Investment Officer for Infrastructure, GIC
Rajeev Kannan, Executive Officer, Head of Investment Banking, Asia, Sumitomo Mitsui Banking Corporation
Dany Qian, Global Vice President, JinkoSolar
Joachim von Amsberg, Vice President - Policy and Strategy, Asian Infrastructure Investment Bank
Kelvin Wong, Executive Director, Project Finance, DBS
Moderator: Vivek Pathak, Director, East Asia and the Pacific, International Finance Corporation, World Bank Group
His Excellency Swee Keat Heng, Minister for Finance, Singapore
2:45pmASEAN Finance Ministers’ Roundtable
Finance ministers of ASEAN members will discuss the region’s infrastructure requirements, highlighting their priorities in strengthening the project pineline and in harnessing capacity building support to attract private sector investors and developers. The Ministers will also examine how governments, financers and multilateral agencies can work together to boost regional development in the current economic and geopolitical environment.
4:40pmClosing Remarks and Summation: Next Steps, Action Points
A summary of the day’s discussions and outline key take-aways and action points for all stakeholders, including concrete steps that could be taken to build capacity and mobilise financing in the year ahead. These action points will be reviewed at the next Summit in 2019
Victoria Kwakwa, Vice President for East Asia and Pacific, World Bank
James Kynge, Emerging Markets Editor, Associate Editor, Financial Times
5:00pmClose of Summit followed by Cocktail Reception
Who's attending next month?
- Policy-makers and Regulators
- Institutional investors from sovereign wealth funds, pension funds, life insurance companies
- Development Banks, EXIM Banks, ECAs and Multilateral Organisations
- Investment Banks
- Infrastructure Funds
- Private Equity Firms
- Asset Managers
- Infrastructure Developers
- Lawyers and Consultancies
- Investors can meet ASEAN ministers, multilateral agencies and developers, and have access to up-to-date information on Southeast Asia's bankable projects in which they can invest
- Policy-makers and multilateral development banks (MDBs) can meet investors and financiers, to highlight measures on risk-sharing, and to attract private capital to greenfield and brownfield projects
- Developers can network with investors and policy-makers, to explore viable opportunities for further infrastructure development in the region
- Advisors can build relationships across the infrastructure value chain--from policy-makers and MDBs to financiers and investors
- Gain exclusive insights from ASEAN ministers and top decision-makers on the latest opportunities in infrastructure finance and development
- Expert moderation by senior FT journalists to ensure the objectivity, quality and topicality of the discussions
Organised by (4)
Financial Times Live (FT Live) is the global conferences and events division of the Financial Times Group. Chaired by senior journalists from the Financial Times Group, the summits, conferences, awards and strategic forums organised by FT Live gather the world’s brightest minds and most influential decision-makers.
Exclusive on-stage interviews, stimulating presentations and lively panel debates – available on multiple content platforms – provide the cutting-edge insights, unique personalities and peer audience engagement that have the power to transform finance, business, politics, society and culture.
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. In 2016 the FT passed a significant milestone in its digital transformation as digital and services revenues overtook print revenues for the first time. The FT has a combined paid print and digital circulation of more than 910,000 and makes 60% of revenues from its journalism.
The World Bank is a vital source of financial and technical assistance to developing countries around the world – a unique partnership to reduce poverty and support development. The World Bank Group comprises five institutions managed by its 189-member countries. Our mission is defined by twin goals: to end extreme poverty by decreasing the percentage of people living on less than US$1.90 a day to no more than 3 percent, and to promote shared prosperity by fostering the income growth of the bottom 40 percent of the population of every country.
Established in 1944, the World Bank Group is headquartered in Washington DC, with more than 120 offices worlwide. The Bank’s projects and operations are designed to support low-income and middle-income countries in carrying out poverty reduction strategies, by providing low-interest loans, interest-free credits and grants for a wide array of purposes that include investments in education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. Some of our projects are co-financed with governments, other multilateral institutions, commercial banks, export credit agencies, and private sector investors.
The Bank Group also supports developing countries through policy advice, research and analysis, and technical assistance. Our analytical work often underpins World Bank Group financing and helps inform developing countries’ own investments.
The Ministry of Finance aims to advance the well-being and development of Singapore through Finance. The Ministry strives to achieve a balanced budget through prudent and sustainable fiscal policies, foster a regulatory environment conducive to business and enterprise, ensure prudent investment of the Government's reserves and other public funds, and sets policies for government procurement, customs regulation, accounting standards and business regulation.We achieve this together with our departments (Accountant-General’s Department, Singapore Customs and Vital), and statutory boards/bodies (Accounting & Corporate Regulatory Authority, Inland Revenue Authority of Singapore, Tote Board and Singapore Accountancy Commission).
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
In association with (1)
Platinum sponsor (1)
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.
In the area of Project Finance, DBS was named PFI's Asia-Pacific Bank of the Year in 2016 (Thomson Reuters). DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.
Gold sponsors (2)
We are a leading international banking group, with around 80,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.
We believe international banks can play a meaningful role in the Belt and Road Initiative (BRI) to boost regional connectivity. Our global footprint covers 70 per cent of BRI countries and we have been operating in many of those markets for more than 100 years. Utilising our in-depth knowledge of these markets’ political, economic and cultural environment, coupled with our comprehensive products and services, and strong partnerships with partners, we can help clients take advantage of infrastructure opportunities.
Sumitomo Mitsui Banking Corporation (SMBC) is a leading Japanese financial institution that provides personal, corporate and investment banking services to our network that extends across more than 50 countries globally, 14 of which are in Asia. We are driven by our commitment to lead the way in providing value to our customers and the markets in which we operate.
The company was formed in April 2001 through the merger of Sakura Bank, Ltd. and Sumitomo Bank, Ltd. In December 2002, SMBC became a subsidiary of Sumitomo Mitsui Financial Group (SMFG), a holding company created through a share transfer.
For more information, please visit
Silver sponsors (5)
Clifford Capital is a specialist provider of structured finance solutions established with support from the Government of Singapore to help Singapore companies and companies with a nexus to Singapore to grow internationally and capture new business in the global market place.
Clifford Capital offers competitive and bespoke project finance, asset-backed and other structured debt financing solutions for eligible Singapore-based companies in support of their overseas investments or exports in the infrastructure, offshore marine and shipping sectors. Since its inception in 2012, the company has committed over US$2 billion to various projects around the world including Asia, the Middle East, Africa, Europe, Central and South America.
As a non-bank financial institution with a unique business model, Clifford Capital is well-positioned to offer competitive financing solutions to clients, particularly in terms of longer maturities for senior debt and flexible debt product offerings across the capital structure.
Maybank is among Asia's leading banking groups and South East Asia’s fourth largest bank by assets. The Maybank Group has an international network of over 2,200 offices in Malaysia, Singapore, Indonesia, Philippines, Brunei Darussalam, Vietnam, Cambodia, Thailand, People's Republic of China, Bahrain, Uzbekistan, Myanmar, Laos, Pakistan, India, Saudi Arabia, Mauritius, Great Britain and the United States of America. The Group offers an extensive range of products and services, which includes consumer and corporate banking, investment banking, Islamic banking, stock broking, insurance and takaful and asset management. It has over 43,000 employees worldwide.
Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, and the firm's ratings and analysis track debt covering approximately 120 sovereign nations, 11,000 corporate issuers, 21,000 public finance issuers, and 72,000 structured finance obligations.
Further information is available at
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services.
Our Capital Projects and Infrastructure teams around the world help our clients plan, finance, manage and deliver large scale capital projects and infrastructure. Combining engineering, technology, sector and finance expertise, we work with
companies throughout the full lifecycle of a capital project. Our clients are from both the public and private sector and include investors, contractors, owners, shareholders and users.
White & Case advises on the most significant and complex infrastructure projects and transactions in the world. We advise sponsors, lenders, pension funds, insurance companies, sovereign wealth funds, infrastructure funds, commercial banks, corporations, developers and governmental entities involved in the development and acquisition of large-scale projects globally, including transportation infrastructure, energy & power infrastructure and social infrastructure.
Our Asia-Pacific infrastructure and energy team of more than 70 lawyers form part of an integrated global practice of more than 250 lawyers, providing a highly effective one-stop-shop for infrastructure and energy projects. In addition to our infrastructure development and finance expertise in the development of greenfield assets, we have market-leading M&A, and arbitration practices, which assist in "through life" support on infrastructure transactions as well as the financing, purchasing, refinancing or restructuring of existing assets.
Supporting Partners (5)
ASIFMA is an independent, regional trade association with over 100 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative and competitive Asian capital markets that are necessary to support the region’s economic growth. We drive consensus, advocate solutions and effect change around key issues through the collective strength and clarity of one industry voice. Our many initiatives include consultations with regulators and exchanges, development of uniform industry standards, advocacy for enhanced markets through policy papers, and lowering the cost of doing business in the region. Through the GFMA alliance with SIFMA in the United States and AFME in Europe, ASIFMA also provides insights on global best practices and standards to benefit the region.
The Chartered Alternative Investment Analyst (CAIA) Association was founded in 2002 and is the world leader in alternative investment education. The CAIA Association is best known for the CAIA Charter. Earning the CAIA Charter is the gateway to becoming a member of the CAIA Association, a network of over 9,000 AI leaders located in nearly 90 countries. CAIA also offers the Fundamentals of Alternative Investments Certificate Program®, an online course that provides an introduction to alternative investing. CAIA is considered a leading authority on industry trends and developments worldwide.
For more information, please visit:
The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent. We undertake investment promotion and industry development, and work with international businesses, both foreign and local, by providing information, connection to partners and access to government incentives for their investments. Our mission is to create sustainable economic growth, with vibrant business and good job opportunities for Singapore.
For more information on EDB, please visit www.edb.gov.sg.
IE Singapore is the government agency that promotes international trade and partners Singapore companies to go global.
We attract and anchor global trading companies in Singapore by promoting our unique advantages as a global trading hub. Today, Singapore is home to a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters.
Through our network of over 35 overseas centres and comprehensive assistance programmes, we partner Singapore companies to strengthen their global competitiveness.
IE Singapore will merge with SPRING Singapore to form Enterprise Singapore in Q2 2018. The new government agency will leverage our core strengths in internationalisation and SPRING’s expertise in helping SMEs, providing Singapore companies with a holistic and integrated network to build capabilities and access overseas markets.
IPFA is an independent, not-for-profit, professional members’ association dedicated to providing up-to-date information on best practice, industry trends and new developments in infrastructure and energy.
IPFA hosts a continuous programme of 100+ industry events, webinars and working groups, which are free for members to attend and offer a unique opportunity to network with senior decision-making professionals across the industry. Other benefits include access to discounted project finance training courses, facilitated introductions, plus a wide range of industry documents and publications.
For further information on IPFA and its global activities, please visit its website:
Media Partners (4)
Caproasia Online is an E-Magazine for Wealth Managers, Private Bankers & Investment Professionals, providing the most exciting content for Asia's wealth management and investment professionals. Collectively, they manage more than $20 trillion assets in Asia.
Caproasia is a financial information service company. We focus on research and development, and providing relevant information, products and services to Wealth & Investment Professionals in Asia.
- Caproasia Online
- Jobs Center
- Research Center
- Caproasia Institute
- Caproasia Professional
LAUTINDO Up to date and dedicated maritime businesses [MEDIA] [EVENT] [TRADE] with verified sources and reliable informative content of media events trades features. The readership & partnership come from Local and International maritime stakeholders, Shipping Related Industries, Maritime Infrastructures & Construction, Maritime Energy & Mining, Maritime Fisheries, Maritime Technology, Maritime Trades, Maritime Tours & Travel, Maritime Event. Specificly they are Business Owners, Professional, Experties, also from Governments [Ministries & Bodies], Institution and Association | LAUTINDO.com |
Myanmar Transport Infrastructure Monitor launched in late-2016, the service enables companies and organizations to identify business opportunities, potential partners, clients or suppliers, track projects, conduct market research and identify new legislation relevant to the sector.
Subscribers have full access to our online platform, and also receive our weekly report.
The service features:
- Daily review and analysis of news from local and international sources
- Project tracker – unique resource tracking 200+ Transport Infrastructure projects in Myanmar
- Company tracker with 400+ in-depth company profiles
- Tenders listings, updated daily
- Data and resources library with fuel price, statistics, reports, copies of laws, and more
- Myanmar Transport Daily, Weekly Briefs
PETROFINDER is the leading and young company which is providing the most advanced online platform for the real time trading and auction solutions for international oil and gas industries and major physical markets. Please find our introduction and services as follows :
1. B-to-B Online Trading Platform in Energy Sector.
2. Trading & Brokerage, Marketing and Consulting Services.
3. Online P.R and Advertising Services.
4. Global Recruitment and Energy Expert Finding Services.
For more information about PETROFINDER, please visit our website.
Special conference rates are available at the InterContinental Singapore for the World Bank - Singapore Infrastructure Finance Summit.
All reservations will be under guest's individual account. To make your booking, please CLICK HERE
|InterContinental Singapore||Conference Rates (for the period of April 4-6, 2018)|
Deluxe King (inclusive of daily breakfast and WIFI access)
Single Rate S$330.00++ per room night
Double Rate S$360++ per room night
The room rates indicated above are in Singapore Dollars, and are subject to 10% service charge and prevailing government taxes, currently at 7%. Should the government taxes change, your rate will be adjusted to reflect this.
These room rates are applicable for the period of April 4-6, 2018 and subject to availabilities at the time of reservations.