Temasek Trust and the World Bank Group on Monday signed a memorandum of understanding (MoU) to establish a strategic partnership aimed at harnessing the complementary strengths of philanthropy and development finance to advance shared development priorities.
The MoU was signed on the sidelines of the inaugural World Bank Group Philanthropy Forum held as part of its Annual Meetings in Bangkok, according to a statement.
Desmond Kuek, Executive Director and CEO of Temasek Trust, and Paschal Donohoe, Managing Director and Chief Knowledge Officer of the World Bank Group, at the MoU signing for a strategic partnership between Temasek Trust and the World Bank Group to advance shared development priorities.
The partnership has combined the Temasek Trust Collective’s catalytic capital capabilities, convening platforms, and innovation networks with the World Bank Group’s global development expertise, reach, and country-level insights.
Together, they will strengthen cross-sector collaboration and help promising solutions achieve impact at scale.
“As development needs grow and resources come under pressure, partnership matters more than ever. Philanthropic organizations bring deep expertise and innovative solutions that align closely with our core missions and jobs agenda. 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,” said Paschal Donohoe, Managing Director and Chief Knowledge Officer, World Bank Group.
“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,” said Desmond Kuek, Executive Director and CEO of Temasek Trust.
Under the MoU, Temasek Trust and the World Bank Group plan to collaborate across three areas, including convening and knowledge exchange, shared knowledge and insights and coordinating partners and capital towards shared priorities, according to the statement.
Initial priority areas include water, agriculture, health, climate, and energy, with potential collaboration linked to relevant World Bank Group initiatives.
In 2027, under the strategic partnership and as part of the Philanthropy Hub, Temasek Trust will establish a Knowledge Node at Temasek Shophouse in Singapore.
It will connect philanthropic partners with a wide range of World Bank Group datasets, expertise, and relevant networks to support evidence-building and collaboration and will help promising solutions progress towards wider adoption.