Papua New Guinea and ADB
In the Spotlight
ADB has approved a Country Partnership Strategy with Papua New Guinea for 2016-2020, which will support the resource-rich country’s drive to remove infrastructure bottlenecks, and barriers to job and business creation.
Expansion of Papua New Guinea's Lae Port will increase trade for one of the poorest countries in Asia and the Pacific, turning the seaport into a gateway linking the country to world markets.
A ramping up of natural gas exports in Papua New Guinea (PNG) is expected to push the Pacific region’s average GDP growth to 10.7% this year, a new ADB report says.
While Papua New Guinea enjoys robust economic growth, it needs to move quickly to implement policies that can build resilience to external shocks and more widely distribute the benefits of growth, says a new ADB report. The Asian Development Outlook 2015 forecasts new Liquefied Natural Gas exports to drive growth of 15% this year. This expansion will moderate to 5% in 2016.
In Papua New Guinea, a microfinance project delivering banking services to the poor supports the financial and social empowerment of women.
ADB has been working with the Government of Papua New Guinea (PNG) since 1971, and is now PNG’s second-largest development partner.
In March 2015, ADB approved the partnership strategy with PNG for 2016-2020, which will support the resource-rich country’s drive to remove infrastructure bottlenecks, and barriers to job and business creation. It will assist PNG in planning and implementing a successful conversion of its resource wealth into inclusive and environmentally sustainable economic growth. ADB will support more inclusive economic growth through investments in transport and energy, lowering business and trade costs, and increasing job and livelihood opportunities, particularly in agriculture.