ADB’s PNG portfolio reaches K2.8 billion

 The Asian Development Bank’s portfolio in Papua New Guinea increased dramatically following the establishment of its Port Moresby office in 2003, according to PNG project administration head Muhammad Amir Ingratubun.

As of September, the bank’s active portfolio in the country has reached US$1.1billion (K2.8b), including 22 ongoing loans for 11 projects; eight grants, including one Asian Development Fund grant project; nine technical assistance projects, and two private sector loan and equity operations.

Ingratubun told a forum yesterday that they saw a significant jump in the amount of money it disbursed.

He said: “As of November 2014, projected disbursements for ADB ongoing projects in PNG during 2014 are expected to total US$120m (K308m). 

“ADB’s activities in PNG continue to grow; you see that we have two projects approved for very close to US$250m (K643m). Each project is worth around US$120m (K308m); this is a significant jump for the past 10 years.

“This is a significant jump, in terms of our portfolio for the past three years. Our loan size in PNG has increased almost four times since the last 10 year. The size of the loan projects now is US$120m.”

Country director Marcelo Minc presented on the role of ADB and other development partners in supporting the PNG government’s investment plans.

He shared his views on the key challenges that will be faced in project investments.