Singapore plans to work with international partners to raise $5 billion that will help fund Asia-focused climate projects, a senior monetary official said.

The initiative will be called 'Financing Asia's Transition Partnership' and use a combination of public and private sector funding, Chia Der Jiun, managing director at the Monetary Authority of Singapore, said at a conference.

Chia likened the plan to the $30 billion climate-focused fund announced at the COP28 climate summit.

He did not name the international partners or mention specific projects that could receive funds.

(Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Edwina Gibbs)