Singapore announces US$ 13 billion infrastructure spend

Singapore's Grace Fu Hai Yien, senior minister of state for National Development, has announced plans to spend between SGD 18 to SGD 20 billion (US$ 11.9 to US$ 13.2 billion) on infrastructure projects in 2009.

Ms Fu said the government also expects to invest another SGD 15 to SGD 17 billion (US$ 9.9 to US$ 11.3 billion) in 2010 and 2011 in building and infrastructure projects. Plans for this year include construction of a new International Cruise Terminal on the Marina South peninsula, near the city-state's business district.

"Here in Singapore, we are taking the opportunity of this downturn to build our own 'highways' to prepare for the next phase of Asia-centric growth. And upgrading of our infrastructure is a key part of this growth strategy.

"Our financial resources allow us to undertake the projects at the appropriate time despite the negative economic outlook," said Ms Fu.

Ms Fu did not say how the projects would be funded.

In January Singapore's government announced a SGD 20.5 billion (US$ 13.6 billion) budget stimulus package, which included SDG 4.4 billion (US$ 2.9 billion) on infrastructure, education and health.