Significant Infrastructure Government Loan Act 2021

• Act Code: SIGLA2021
• Edition: 2020 Rev Ed
• Commencement: 2 Aug 2021
• Version as at: 3 Jul 2026
• Enacted by: Parliament

Section 1 — Short title

This Act is the Significant Infrastructure Government Loan Act 2021.

Section 2 — Interpretation

In this Act, unless the context otherwise requires —“book‑entry security” means any security issued under this Act in the form of an entry on the records of the MAS and which is transferable by way of book‑entry in the register maintained b

Section 3 — Purpose of Act

The purpose of this Act is to enable financing by borrowing to meet the Government’s commitment to Singapore’s future by investing in nationally significant infrastructure and their related facilities in which initial or further investment

Section 4 — Power to raise loan

(1) The Minister may raise, in the manner provided in this Act, loans to be applied in the manner provided in this Act and the Development Fund Act 1959.(2) The power to raise loans under this section does extend to raising money outside of

Section 5 — Borrowing limit

(1) Subject to subsection (2), the Minister must not raise a loan under this Act if either condition in paragraph (a) or (b) is satisfied:(a) the total at any time of the following exceeds $90,000,000,000:(i) the sum of the proposed borrowi

Section 6 — Issuing securities for borrowing

For the purpose of raising any loan under this Act, the Minister may —(a) issue securities in such form and manner as the Minister thinks fit; and (b) issue such securities at such rates of interest and subject to such conditions as to matu

Section 7 — Principal and interest charged on Consolidated Fund

The principal payable in respect of moneys borrowed under this Act and represented by securities issued under this Act, and all interest on the principal sums payable on the securities, are charged upon and payable out of the Consolidated F

Section 8 — Borrowing expenses

All expenses incurred in connection with the raising of money under this Act (including expenses in connection with the issue, refinancing, repayment or redemption of securities) are charged upon and payable out of the Consolidated Fund wit

Section 9 — Power to raise loan non‑delegable

Despite anything in the Interpretation Act 1965 or any other law, the Minister must not delegate the Minister’s power under this Part.

Section 10 — Borrowing only for nationally significant infrastructure expenditure

(1) The face value of every security issued under this Act, less any sum mentioned in section 5(2) —(a) must be paid into the Development Fund; and (b) may only be appropriated to meet nationally significant infrastructure expenditure by th

Section 11 — Meaning of “nationally significant infrastructure expenditure”

(1) In this Act, “nationally significant infrastructure expenditure” means any qualifying capital expenditure incurred, on or after 3 August 2021, in relation to an approved infrastructure project.(2) In this section, “infrastructure projec

Section 12 — Redemption

Subject to sections 13 and 18, a security issued under this Act is redeemable at par on —(a) the maturity date of the security; or (b) if the security is redeemable at the election of the holder, on the earlier of the following dates:(i) th

Section 13 — Early redemption

(1) The holder of a security that is issued under this Act and not redeemable at the election of the holder may, upon an invitation of the MAS under this section, apply to redeem the security before the maturity date of the security.(2) The

Section 14 — Payment of interest

(1) Subject to subsection (2), the interest payable on any security issued under this Act must be paid half‑yearly as specified in the Regulations relating to the issue of the security.(2) Where any security that is redeemable at the electi

Section 15 — Interest stops on redemption

Regardless of any demand for payment of the principal sum, all the interest on the principal sum payable on the security stop immediately after —(a) the maturity date of a security issued under this Act; (b) the redemption date in the duly

Section 16 — Transferability, etc., of securities

A holder of a book‑entry security may transfer or pledge the book‑entry security.

Section 17 — MAS is agent

(1) The MAS is by this Act appointed to act on the Government’s behalf as an agent —(a) for issuing of securities for moneys borrowed under this Act; and (b) for any other purpose that is connected with paragraph (a). (2) Without limiting s

Section 18 — Securities lending arrangements

(1) The MAS may, from time to time and on the Government’s behalf as an agent, but subject to subsection (2), enter into securities lending arrangements by lending securities issued under this Act to primary dealers, including an arrangemen

Section 19 — Issue of book‑entry securities

(1) The MAS may —(a) issue book‑entry securities for moneys borrowed under this Act, by means of entries on its records which include the name of the depositor and the amount and description of the securities; (b) maintain accounts of book‑

Section 20 — Transfers and pledges of book‑entry securities

(1) A transfer or pledge of a book‑entry security to the MAS or to the Government or to any transferee or pledgee eligible to maintain an appropriate account in its name with the MAS must be effected, despite any law to the contrary, by the

Section 21 — Transfers and pledges effected by other means

(1) Despite section 20, a transfer or pledge of book‑entry securities, or any interest in such securities, which is maintained by the MAS in an account may be effected by any means that would be effective to effect a transfer or pledge of b

Section 22 — MAS to be discharged by action on instructions

(1) The MAS is not liable for conversion or for participation in any breach of fiduciary duty where the MAS has, in respect of book‑entry securities maintained in accounts maintained by the MAS —(a) effected pledges or made entries regardin

Section 23 — Confirmation of transactions

(1) The MAS must, following any transaction affecting book‑entry securities maintained for any depositor under this Part, issue to each depositor a confirmation of the transaction in the form of an advice (serially numbered or otherwise).(2

Section 24 — Regulations

The Minister may make regulations necessary or convenient to be prescribed for carrying out or giving effect to this Act, including —(a) prescribing the terms of issue of securities issued under this Act; (b) prescribing the manner in which

Section 25 — Presentation to Parliament

All Regulations must be presented to Parliament as soon as possible after publication in the Gazette.