PORT MORESBY, PAPUA NEW GUINEA (8 December 2016) – The Asian Development Bank (ADB) expects to provide Papua New Guinea (PNG) with a total of $98 million for projects in 2016, ADB said at an event commemorating the long-standing partnership of ADB and PNG today.
The 2016 Year in Review report and event highlights the achievements of ADB-financed operations in PNG that focus on transport infrastructure, maritime safety, civil aviation, climate resilience, health services, and financial access. These projects include the Civil Aviation Development Investment Program to improve 21 national airports and provide safer and more secure air transport services. Another is the $750 million Highlands Region Road Improvement and Investment Program to rehabilitate and maintain the road networks, making transport safer and more accessible by connecting rural roads to main roads. Provision for public transport is also included.
ADB is celebrating its 50th anniversary this year. ADB has been working in PNG since 1971 and in its 45-year development partnership with PNG has been one of the country’s largest multilateral development partners. Since 1971, ADB has approved $2.1 billion in loans, grants, technical assistance, and private sector loans for the country.
“Over the past 50 years, the development landscape of PNG has undergone a significant transformation and ADB has contributed to this process by boosting connectivity through investment in roads and civil aviation, helping the country prepare for climate change and plan for a renewable energy future,” said Marcelo J. Minc, Country Director of ADB’s PNG Resident Mission. “Private sector-led inclusive growth also remains a top priority.”
In the latest Pacific Economic Monitor, which assesses the economic performance of the Pacific region, ADB said PNG will have to increase its fiscal resilience and budget utilization to manage declining resource-related revenues and slower economic growth moving forward.
PNG, as the Pacific’s largest economy, will also have to respond to current and critical regional policy issues which include budget responses to lower commodity prices, investment in information and communications technology, civil service reform, disaster resilience, and better public investment.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 marks 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.