Economic Development Board
statutory board of Singapore
The Singapore Economic Development Board (EDB) is a statutory board under the Ministry of Trade and Industry of the government of Singapore that plans and executes strategies aimed to sustain Singapore as a leading global hub for business and investment.
History
1957–1961: Singapore Industrial Promotion Board
In 1957, the Singapore Industrial Promotion Board (SIPB) was formed through the passage of the Singapore Industrial Promotion Bill, to empower the Singapore Government in establishing, developing, and financing industrial undertakings.
It had a capital of $1 million, and had received requests from local companies for loans totalling up to $500,000 at its formation. However, SIPB was criticised by political opposition as being slow, not transparent, and ineffective in aiding local businesses. The board was hamstrung by the limited capital that it had with the Minister of Commerce and Industry, J. M. Jumabhoy, blaming on the activities of extreme left-wing politicians on the lack of corporations from financial institutions.
In 1959, the Singapore Government unveiled a new proposed Singapore Economic Development Board (EDB) with a capital of $100 million. The proposed board would be funded partly by a part of the $300 million foreign investments that the government had made before. It would also be a statutory board, and in addition to the current responsibilities of SIPB to disburse loans to companies, it would have a direct part in setting up factories or make use of its capital for local joint venture projects with the private sector.
The Economic Development Ordinance was first read in Parliament on 26 April 1961, with its second reading on 24 May 1961. The ordinance commenced on 1 August 1961, thus taking over the functions of SIPB. To facilitate the set up of EDB, international experts were requested from the United Nations and appointed to run the board alongside local officers.
The public source identifies “Economic Development Board” as statutory board of Singapore. This brief keeps that definition visible, then builds a research path around Economic, Development and Board.
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This entry incorporates text from “Economic Development Board” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.