A new platform has also been launched to deepen collaboration with philanthropic organisations
[SINGAPORE] Temasek Trust and World Bank Group have inked a memorandum of understanding (MOU) to advance initiatives in areas such as agriculture, climate and energy.
“By building shared knowledge and a repository of effective solutions, the parties aim to help translate promising pilots into replicable and scalable models that can advance impact outcomes,” said a Temasek Trust spokesperson.
The spokesperson added that these sectors were chosen as Temasek Trust and World Bank Group have complementary strengths in them.
Both parties will explore co-financing and innovative financing approaches to mobilise additional resource in these sectors.
The MOU was signed on Monday (Oct 12), on the sidelines of the inaugural World Bank Group Philanthropy Forum in Bangkok.
World Bank Group also launched the Philanthropy Hub, a platform to deepen collaboration with philanthropic organisations and other partners.
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As part of this, and under the MOU, Temasek Trust will launch a Knowledge Node at Temasek Shophouse by 2027. Through this, philanthropic partners will be able to access World Bank Group’s datasets, expertise and networks.
“As development needs grow and resources come under pressure, partnership matters more than ever,” said Paschal Donohoe, managing director and chief knowledge officer of World Bank Group.
“The Philanthropy Hub will connect ideas, resources and partners to take those solutions to scale, and to deliver for people and communities around the world.”
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Desmond Kuek, executive director and CEO of Temasek Trust, added that the development challenges of today “do not fit neatly into silos – and neither can our response”.
“Philanthropy can move early, take risks, and unlock the partnerships and capital needed to turn bold ideas into lasting impact,” he added.
“Working in concert with the World Bank Group and its Philanthropy Hub, we can bridge systemic gaps, scale what works and forge new pathways for collective action.”