ADB eyeing increase in financing

By SHIRLEY MAULUDU
THE Asian Development Bank will increase its financing for development projects from $743.7 million (K2.34bn) for 2016 to 2018 to around $1.24 billion (K3.9bil) for 2018 to 2020.
Head of ADB portfolio management Maria Villareal said in the past few years, the bank had been investing more in the country’s transport sector.
She was speaking yesterday during the ADB 2017 year-in-review for PNG. Proposed transport projects will help drive inclusive economic growth, improve the delivery of basic services, increase regional connectivity, and build resilience to climate change, she said.
The ADB also intends to intensify its partnerships with subnational provincial governments – which have emerged as important stakeholders – to implement infrastructure projects.
The event highlighted achievements of ADB-financed operations in PNG that focused on transport infrastructure, maritime safety, civil aviation, climate resilience, health services, and access to finance.
The projects include the civil aviation development investment programme to improve 21 national airports and provide safer and more secure air transport services.
Another major focus is the over US$1 billion (K3.15bil) sustainable Highlands Highway investment programme, which ADB supported through a US$680 million (K2.14bil) loan.
The investment programme was in response to the Government’s national development and transport strategies, which aimed to rehabilitate, upgrade, and sustainably maintain 430 kilometers of the Highlands Highway.
It will also improve road safety, support the establishment of logistics platforms and services for agricultural production, as well as introduce transport sector reforms.