Prior to this, on Ian 1, Mr Loy, who is currently the principal private secretary to Senior Minister Lee Hsien Loong, will be appointed as managing director-designate.
He will also be appointed as a member of the EDB board from March 1.
Before joining the Prime Minister's Office, Mr Loy was the senior director of the Strategic Planning Division at the Ministry of National Development from August 2017 to March 2021.
He oversaw planning and policies related to Singapore's land-use needs.
He also held various positions at the Ministry of Health and MTI, and serves on the board of the Maritime and Port Authority of Singapore.
Mr Loy will succeed Ms lacqueline Poh at EDB.
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