SINGAPORE - Singapore state investor Temasek Holdings is in talks with potential partners to set up a project finance institution that would benefit many sectors, such as the maritime industry, a government minister said on Monday.
The government is prepared to provide some support for the initiative during its start-up phase, said Lim Hwee Hua, Singapore's second minister for finance and transport, in the parliament.
"Our aim is to work with commercial players, so as to catalyse and not crowd out market participants. The government is working with Temasek Holdings to develop this initiative," Lim said.
The plan was initially announced in the budget last month.
Temasek, whose sole shareholder is Singapore's Ministry of Finance, had a US$134 billion portfolio as of end-March 2010. --REUTERS