S$5b top-up to Changi Airport Development Fund among measures to grow Singapore economy

A S$5b top-up to a fund to develop Changi Airport and a S$3b boost to improve productivity are among new measures to grow Singapore's economy. Singapore cannot afford to outbid major economies and will need to set aside sufficient resources to maximise its competitive strengths, said Prime Minister Lawrence Wong during his Budget 2025 speech in parliament on Tuesday. In the area of connectivity, the completion of Changi Airport’s Terminal 5 will expand the airport’s capacity by more than 50%, and ensure Singapore remains a “critical gateway for global travel and trade”, said Wong. To ensure sufficient resources to develop Singapore's air hub, the Changi Airport Development Fund will be topped up by S$5b. With the President’s concurrence, the government will also provide a guarantee to Changi Airport Group. “This will help to lower the cost of borrowings needed to develop Terminal 5 and supporting infrastructure in Changi East,” said Wong. <br/>