Source: Napon Thiphayamontol (Pexels)

Singapore is new Revolving Fund Committee chair

It was handed over from Malaysia.

The chairmanship of the Revolving Fund Committee (RFC) has been handed over to Singapore from Malaysia. 

The RFC was established in February 1981 through a memorandum of understanding signed by Singapore, Indonesia, Malaysia, and the Malacca Strait Council (MSC). It was intended to address oil pollution in the Straits of Malacca and Singapore. 

"As world trade continues to expand and shipping traffic increases, the responsibility of maintaining safety and preserving the marine environment in the Straits will grow in tandem,” Teo Eng Dih, Chief Executive, Maritime and Port Authority of Singapore (MPA), said. 

“The Revolving Fund is a good example of cooperation between the littoral States and the users of the Straits to safeguard the marine environment."

Read more: SIT, DNV ink 3-year partnership on maritime decarbonization and digitalization

Under the MoU, the countries are expected to manage the Fund on a rotational basis for a period of five years each. Singapore’s chairmanship will end in March 2027.

 

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