Editing Economic Development Board (section)

===1957–1961: Singapore Industrial Promotion Board===
In 1957, the Singapore Industrial Promotion Board (SIPB) was formed through the passage of the Singapore Industrial Promotion Bill, to empower the Singapore Government in establishing, developing, and financing industrial undertakings.<ref>{{cite news|url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19570114-1.2.70|newspaper=[[The Straits Times]]|title=Aiding Industry|date=14 January 1957}}</ref>

It had a capital of $1 million, and had received requests from local companies for loans totalling up to $500,000 at its formation.<ref>{{cite news|url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19570410-1.2.74|title=Cresson to run $1m. promotion board|newspaper=[[The Straits Times]]|date=10 April 1957}}</ref> However, SIPB was criticised by political opposition as being slow, not transparent, and ineffective in aiding local businesses.<ref>{{cite news |title=INDUSTRIAL BOARD IS UNDER ATTACK |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/freepress19571021-1.2.7 |access-date=5 June 2021 |work=The Singapore Free Press |date=21 October 1957 |language=en-SG}}</ref> The board was hamstrung by the limited capital that it had with the Minister of Commerce and Industry, J. M. Jumabhoy, blaming on the activities of extreme left-wing politicians on the lack of corporations from financial institutions.<ref>{{cite news |title=Mr. J ON THE BIG FINANCE FLOP: 'I BLAME LEFT' |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19581208-1.2.60 |access-date=5 June 2021 |work=[[The Straits Times]] |date=8 December 1958 |language=en-SG}}</ref>

In 1959, the Singapore Government unveiled a new proposed Economic Development Board (EDB) with a capital of $100 million. The proposed board would be funded partly by a part of the $300 million foreign investments that the government had made before. It would also be a statutory board, and in addition to the current responsibilities of SIPB to disburse loans to companies, it would have a direct part in setting up factories or make use of its capital for local joint venture projects with the private sector.<ref>{{cite news |title=That board may he ready in six months |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19590721-1.2.5 |access-date=5 June 2021 |work=[[The Straits Times]] |date=21 July 1959 |language=en-SG}}</ref>

The Economic Development Ordinance was first read in Parliament on 26 April 1961, with its second reading on 24 May 1961. The ordinance commenced on 1 August 1961, thus taking over the functions of SIPB.<ref>{{cite web |title=Economic Development Board Act - Singapore Statutes Online |url=https://sso.agc.gov.sg/Act/EDBA1961 |website=sso.agc.gov.sg |language=en}}</ref> To facilitate the set up of EDB, international experts were requested from the [[United Nations]] and appointed to run the board alongside local officers.<ref>{{cite news |title=Three more U.N. experts due soon |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19620916-1.2.124.2.16 |access-date=5 June 2021 |work=[[The Straits Times]] |date=16 September 1962 |language=en-SG}}</ref><ref>{{cite news |title=MEN NAMED TO PUSH STORE INDUSTRY BID |url=https://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19610817-1.2.5 |access-date=5 June 2021 |work=The Straits Times |date=17 August 1961 |language=en-SG}}</ref>