ADB expects active portfolio to scale up

Business

THE Asian Development Bank as a development partner has seen its active portfolio expanding every five years, according to its Pacific department director-general Carmela Locsin.
He said during the opening of the bank’s new premises in Port Moresby yesterday they had seen their active portfolio expanded by more than five times in the past six to eight years.
“From US$350 million (K1.05 billion) in 2010, to no less than US$1.8 billion (K5.4bil) in 2018.
“We expect this to scale up quite considerably. In fact, we expect to close 2020 with a portfolio of no less than US$4 billion (K12bil).”
Prime Minister Peter O’Neill said the bank was the largest development partner which had been providing strong support to national development.
“For almost 50 years, we have worked together to improve transport infrastructure, expand access to renewable energy, health services and raise living standards of the people,” O’Neill said.
He said PNG had changed as a result of the increased engagement with the ADB.
“These transformation is good for our people because it improves their quality of life, gives easy access for people in business to access markets. (It’s) easier for the Government to deliver services to the communities particularly those in the remote areas.”