S'pore Temasek pledges $500mil to develop Asia
Friday, May 18, 2007
TEMASEK HOLDINGS, the Singapore government's investment arm, has launched a $500 million-trust to support development and relief projects across Asia, news reports said yesterday.
The trust will disburse up to four per cent of the fund annually to support a range of projects including youth exchanges, scholarships, research and disaster relief. "This signals our larger commitment to play a constructive role in the continued progress and success of Asia and the people in Asia," The Straits Times quoted chairman S Dhanabalan as saying after signing the deed of gift yesterday. The trust will not actively solicit donations but will receive money from Temasek's profits and accept contributions.
It will be chaired by banker Lee Seng Wee with former Keppel Corporation executive chairman Sim Kee Boon, leading Indian business figure Ratan Tata and former Shanghai mayor Xu Kuangdi as fellow trustees. "Over the last decade or so, Temasek has been investing in the region," said Dhanabalan. "We can feel the pulse and see the opportunities in Asia."
The trust will contribute to Asia's growth and development, he said. In the last four years, Temasek had total net earnings of nearly $28 billion. DPA
The trust will disburse up to four per cent of the fund annually to support a range of projects including youth exchanges, scholarships, research and disaster relief. "This signals our larger commitment to play a constructive role in the continued progress and success of Asia and the people in Asia," The Straits Times quoted chairman S Dhanabalan as saying after signing the deed of gift yesterday. The trust will not actively solicit donations but will receive money from Temasek's profits and accept contributions.
It will be chaired by banker Lee Seng Wee with former Keppel Corporation executive chairman Sim Kee Boon, leading Indian business figure Ratan Tata and former Shanghai mayor Xu Kuangdi as fellow trustees. "Over the last decade or so, Temasek has been investing in the region," said Dhanabalan. "We can feel the pulse and see the opportunities in Asia."
The trust will contribute to Asia's growth and development, he said. In the last four years, Temasek had total net earnings of nearly $28 billion. DPA
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