Singapore has reportedly launched Infrastructure Asia, a government agency to back its infrastructural ventures throughout Asia that require billions of dollars in funding and need to be made more appealing to private investors and financial institutions.

As per trusted sources, the global financial hub’s announcement to position itself as an agent for regional infrastructure investment comes after China advanced its efforts to fund and build transport and trade links across dozens of countries as a part of its Belt-and-Road program. Reportedly, Singapore’s agency will be run by its central bank, the Monetary Authority of Singapore and Enterprise Singapore, a division of the trade ministry.

According to sources familiar with the development, estimates from the Asian Development Bank suggest that Asia is projected to witness an investment gap of $460 billion each year for infrastructure. Analysts state that some governments have strived to prepare infrastructure deals to attract investments from the companies operating in the private sector.

A news report published by Channel News Asia stated that the Asian Development Bank has estimated the need for an investment of nearly $36 trillion in infrastructure projects in Asia by 2030, which equals to around $2.4 trillion per annum.

Seth Tan Keng Hwee, Infrastructure Asia’s Executive Director was quoted saying that with better knowledge, skill, and resources, the company can develop its project feasibility and bankability, allowing project leads to turn into viable commercial projects.

Tan further mentioned that Infrastructure Asia will also be working closely with private sector, development, government, and commercial banks to offer solutions that are customized to fulfill specific needs and requirements of the local market. The agency will also offer advice to relevant countries and work together in order to build capacity.

To spur project collaborations, Infrastructure Asia has inked deals with the World Bank group and the Singapore Business Federation, cite sources.