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Poh also told the audience that the EDB was focusing on increasing "green finance" and renewable energy investments, including in the solar, wind and hydropower sectors.

Singapore's EDB also set a 2030 target for the energy and chemicals sector to increase the output of sustainable products by 1.5 times from 2019 levels.

Majority-owned by Russia and Kazakhstan and also present in Belarus, Armenia, Kyrgyzstan and Tajikistan, the EDB carries out project financing in infrastructure and industrial projects as well as transport and energy fields.

EDB will soon expand its membership by including Uzbekistan, Podguzov said, the move that could be finalised next year.

“The allegation by the so-called departing teachers is totally biased and unfounded on evidence,” the EDB said in a statement to Reuters.