Senior Minister of State for Foreign Affairs and Home Affairs Sim Ann's National Statement at the Fourth International Conference on Financing for Development in Seville, Spain, 2 July 2025

Senior Minister of State (SMS) for Foreign Affairs and Home Affairs Sim Ann delivered Singapore’s national statement at the Fourth International Conference on Financing for Development (FFD4) in Seville, Spain.

SMS Sim underscored the need to address structural barriers to closing the Sustainable Development Goals (SDGs) financing gap. She highlighted the importance of job creation and leveraging digitalisation to finance development, and shared Singapore’s experiences in these areas, including through innovative financing mechanisms. SMS Sim also stressed the importance of international cooperation and capacity-building for developing countries to pursue sustainable development.

The transcript of the national statement is appended.

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MINISTRY OF FOREIGN AFFAIRS

SINGAPORE

2 JULY 2025

NATIONAL STATEMENT BY SENIOR MINISTER OF STATE FOR FOREIGN AFFAIRS AND HOME AFFAIRS OF SINGAPORE SIM ANN AT THE GENERAL DEBATE OF THE FOURTH INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT HELD IN SEVILLE, SPAIN, FROM 30 JUNE TO 3 JULY 2025

Thank you, President,

Excellencies,

Distinguished Delegates,

1. I thank Spain for hosting this important conference in the beautiful city of Sevilla.

    

2. The FFD4 is being convened at a pivotal moment. The global economy is facing strong headwinds. The annual SDG financing gap, estimated at US$4 trillion, continues to widen. This is not simply a funding shortfall but reflects profound structural barriers such as risk aversion and fragmented development finance systems.

    

3. Looking ahead, Singapore’s view is that we must not lose sight of two imperatives vital to the FFD agenda: job creation and leveraging digitalisation to promote sustainable development.

    

4. Why are these two issues important?

    

   1. First, jobs are a key engine of growth and at the core of human aspirations. Beyond increasing incomes, they enable participation in society. The World Bank estimates that we need over 600 million new jobs by 2030 to keep pace with demographic expansion. Singapore is happy to contribute to global discussions on this, with President Tharman Shanmugaratnam co-chairing the World Bank’s High Level Advisory Council on Jobs.

       

   2. Second, digitalisation is the indispensable catalyst for development. It is needed to turbocharge efforts in unlocking productivity, reducing the cost of service delivery and connecting public services with all, particularly underserved groups.

    

5. The question is how to mobilise finance at scale to achieve these two imperatives. I would like to make four points:

    

   1. First, we must channel public finance in a disciplined and strategic way. Inclusive and effective tax systems, unwavering anti-corruption efforts, and digitalisation are all needed to optimise both the mobilisation of public finance and the efficient use of it on public services. To do this sustainably in the long-term, we must invest in our people. Better skills among the workforce are needed to attract better investments, whether domestic or international, which in turn boost employment and raise incomes, further strengthening the pool of domestic resources available for development. Singapore’s SkillsFuture initiative, which promotes lifelong learning, skills mastery and adaptability to changing economic demands, is an example of this approach.

       

   2. Second, while public finance is important, it is insufficient to meet development goals. Private finance is indispensable. However, public institutions must underwrite the risk to unlock larger pools of private capital that are risk-averse but return-seeking.  

       

      1. For example, Singapore launched the Financing Asia’s Transition Partnership (FAST-P) initiative aiming to mobilise up to US$5 billion to de-risk and finance green and transition projects in Asia. The Singapore Government has committed up to US$500 million to FAST-P, matching dollar-for-dollar contributions from other stakeholders.

       

   3. Third, Multilateral Development Banks (MDBs) must operate better to maximise development impact. We encourage initiatives such as balance sheet optimisations, innovations such as hybrid capital, and the better use of guarantees to de-risk marginally bankable projects to attract private capital. Singapore contributes actively to efforts on MDB reforms, including at the G20.

       

   4. Fourth, international cooperation through capacity building remains key to enhance local solutions. Singapore remains committed to supporting fellow developing countries in human capital development, a cornerstone for economic growth. The Singapore Cooperation Programme (SCP), Singapore’s primary capacity building platform for developing countries, has benefitted close to 158,000 officials from over 180 countries, territories and intergovernmental organisations. Our programmes align with the SDGs, in areas such as good governance, digitalisation and sustainability, and we work closely with third country partners and key international organisations.

    

   Excellencies,

    

6. The challenges of financing for development are immense, but so is the power of human ingenuity and collective action when we summon political will. The FFD4 is a timely milestone for us to double down on implementing the 2030 Agenda for Sustainable Development and the Pact for the Future. Singapore stands ready to work with all stakeholders towards a more effective, inclusive, and accessible international financial system that leaves no one and no country behind.

    

7. Thank you.

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