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ADB Vice-President to visit Papua New Guinea

Posted By admin On February 7, 2013 @ 4:51 pm In Pacific Press Releases | No Comments

Press Release – Asian Development Bank

Asian Development Bank (ADB) Vice-President Stephen Groff will arrive in Papua New Guinea (PNG) next week to visit project sites and discuss ADBs assistance program with top government officials.ADB Vice-President to visit Papua New Guinea

Port Moresby, Papua New Guinea, 7 February 2013 – Asian Development Bank (ADB) Vice-President Stephen Groff will arrive in Papua New Guinea (PNG) next week to visit project sites and discuss ADB’s assistance program with top government officials.

Mr. Groff, who is responsible for ADB’s operations in East Asia, Southeast Asia, and the Pacific, will meet with Prime Minister Peter O’Neill, Treasurer and ADB Governor Don Polye, and other senior government officials and development partners. They will discuss ADB’s work in infrastructure improvement, private sector development, economic management, and regional cooperation, as well as opportunities to further strengthen ADB’s Country Partnership Strategy with PNG.

ADB’s current assistance program in PNG is focused on transport infrastructure in the highlands region road network, national ports, maritime safety, and civil aviation. By improving customs and quarantine facilities along PNG’s border with Indonesia ADB is promoting regional cooperation and integration, while building more climate resilient roads is helping PNG to adapt to the impacts of climate change. Together with the Government of Australia and other partners, ADB is helping PNG improve the quality and coverage of its health services, and boosting access to financial services in remote and rural areas through its Microfinance Expansion Project.

Since joining ADB in 1971, PNG has received 75 loans worth $1.5 billion, 148 Technical Assistance (TA) projects worth $62.8 million, as well as one Asian Development Fund (ADF) grant worth $15 million.

At present, 19 sovereign loans ($661.7 million), two private sector projects ($58 million), one ADF grant ($15 million), and 11 TA projects ($9.6 million) are active. In addition, PNG’s active portfolio includes $78.7 million in cofinancing from other development partners.

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, it is owned by 67 members – 48 from the region.

ENDS

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