For Immediate Release

Joint News Release


Singapore, Monday, 9 February 2009

Singapore Cooperation Enterprise (SCE), the World Bank Lao PDR Office (WB) and
Temasek Foundation (TF) announced today that they will embark on a Public Finance
Modernisation and Governance Programme for the Ministry of Finance, Lao PDR
(MOF). It is also the first project with the World Bank under the Singapore-World Bank
Memorandum of Understanding that was signed last December.

The two-year Public Finance Modernisation and Governance Programme aims to
support the MOF’s overall reform efforts by sharing Singapore’s best practices in
treasury, tax and customs. The programme is supported by Temasek Foundation with a
grant amount of SGD $1.15 million.

Singapore’s   public   finance   expertise   to   complement     the   World   Bank’s
development work

International Organisations (IOs) like the World Bank have been keen to engage SCE to
tap into Singapore’s public sector know-how. This programme was jointly developed by
SCE and the World Bank to pool expertise from Singapore and the World Bank.

The programme will train 235 senior policy makers and officials from the MOF and
benefit treasury, tax and customs departments through a series of policy roundtables in
Singapore; tax advisory to conceptualise a master plan; and train-the-trainers capacity
building workshops. SCE will assemble a team of ex-senior officials from the Inland
Revenue Authority of Singapore, Singapore Customs and the Ministry of Finance of
Singapore to assist the MOF in adapting policies, systems and processes that aims to
strengthen Lao PDR’s public finance capabilities. There will also be a briefing conducted
by the Monetary Authority of Singapore during this first policy roundtable in Singapore.

Speaking at the opening of the programme, Her Excellency Mdm. Viengthong
Siphandone said: “Ministry of Finance, Lao PDR is grateful for Temasek Foundation’s
support for this programme. We are also pleased to partner SCE as our focal point in
Singapore to share Singapore’s public sector expertise in modernising our treasury, tax
and customs departments. With this programme, our officials will be able to network,
share views and forge collaboration with key public finance experts and agencies in
Singapore. This is our first collaboration with SCE and we look forward to more
opportunities to exchange knowledge between the two governments.”

SCE to work closely with International Organisations on development projects

This is the first ever tripartite collaboration between SCE, the World Bank and Temasek
Foundation. Increasing, International Organisations (IOs) have approached SCE to
share Singapore’s developmental experience with their client countries.

Mr. Alphonsus Chia, Chief Executive Officer of SCE said: “We are happy that
Singapore’s developmental experience has been recognised by IOs. SCE is pleased to
partner the IOs to participate in more public sector led projects in this region. We hope
that this programme will lead to more collaboration between Singapore and Lao PDR.”
Through greater understanding of the needs of the foreign governments and the types of
expertise available, SCE hopes to contribute more meaningfully in development projects.

“The World Bank is pleased to partner SCE to support Lao Government to strengthen its
public financial management” stated Mr. Patchamuthu Illangovan, World Bank’s Country
Manager for Laos. Adding further, he said that this programme offers a unique learning
opportunity for Lao professionals to learn from Singapore’s experience in the spirit of
south-south cooperation. This programme is an integral part of Government of Laos’s
Public Financial Management Strengthening Programme that was launched in 2007, and
a pioneering effort to strengthen aid effectiveness in Laos, and thus receiving the
support of several partners.

Building friendships and developing human capital through this collaboration

This partnership between Singapore and Lao PDR will further encourage knowledge
exchange and strengthen friendship between the two countries.

“This programme is aligned with Temasek Foundation’s focus on capacity and
capability-building of communities in Asia. We hope our support of expertise-sharing
between public finance policy makers and officials in Singapore and Laos will create a
positive impact on the development of regulatory expertise in the region,” said Mr. Goh
Geok Khim, Chairman of Temasek Foundation.

The programme kicks-off today with a five day policy roundtable, attended by a 15
member delegation led by Vice-Minister for Finance, Her Excellency Mdm. Vienthong

A Memorandum of Understanding between SCE, the World Bank and Ministry of
Finance will be signed on 4 March 2009 in Vientiane, Lao PDR, to formalise the

Jointly Issued by SCE, WB and TF
Note to Editor:

About Singapore Cooperation Enterprise

Singapore Cooperation Enterprise (SCE) is an agency formed by the Ministry of Trade
and Industry and the Ministry of Foreign Affairs of Singapore in May 2006 to respond
effectively to the multitude of foreign requests to tap on Singapore’s development
experience. SCE works closely with Singapore’s 15 ministries and over 60 statutory
boards to tailor possible solutions to match the foreign parties’ needs. Where necessary,
SCE    will   invite   participation   from   relevant   private   sector   players,   including
representatives from trade and industry associations.

SCE’s main objective is to share Singapore’s public sector expertise to foreign
ministries, agencies and parties interested to enhance or adapt their system using
Singapore’s model as a reference. In doing so, we aim to build long-term partnerships
with foreign parties and to generate business opportunities for Singapore’s private
sectors through public-private partnerships.

The International Partnerships Division (IPD) is a dedicated unit set up within SCE to
spearhead cooperation with International Organisations (IOs) such as Asian
Development Bank and World Bank. IPD works closely with IOs who share SCE’s
interest in promoting development, and can provide complementary expertise and
financing solutions for our projects.

About World Bank

The goal of the World Bank is to reduce poverty and to improve the living standards of
the people in low and middle-income countries.

The World Bank is a vital source of financial and technical assistance to developing
countries around the world. We are not a bank in the common sense. We are made up
of two unique development institutions owned by 185 member countries—the
International Bank for Reconstruction and Development (IBRD) and the International
Development Association (IDA).

Each institution plays a different but collaborative role to advance the vision of an
inclusive and sustainable globalization. The IBRD focuses on middle income and
creditworthy poor countries, while IDA focuses on the poorest countries in the world.
Together we provide low-interest loans, interest-free credits and grants to developing
countries 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.

About Temasek Foundation

Temasek Foundation is a non-profit philanthropic organisation anchored in Singapore
that seeks to contribute to sustainable growth and a bright future of hope and
opportunities for people in Asia.      The foundation works with partners to support
programmes that develop people through health care, education and research,
programmes that build bridges between peoples, programmes that build institutions of
excellence through good governance and ethics, and programmes that rebuild lives and
livelihoods affected by natural disasters.

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