JICA: K389mil for growth

 By GYNNIE KERO and SHIRLEY MAULUDU

JAPANESE International Cooperation Agency (JICA) will have spent ¥15.481 billion (K389.5 million) by 2018 to strengthen Papua New Guinean’s economic growth, project formulation adviser Dr Hiromitsu Iwamoto says.

Speaking during Japanese official development assistance (ODA) loan seminar in Port Moresby recently, Iwamoto said JICA had started spending and would continue into the 2005-18 period.

He said JICA is more focused on the country’s economic infrastructure such as the Markham Bridge (K40.4 million), road maintenance equipment (K21.6 million), Ramu power grid systems (K208.5 million) and Wewak market and wharf rehabilitation (K12.5 million) among others.

Iwamoto said most these infrastructure were now completed, adding that more projects were expected to be completed in this period.

“From 1974 until 2011, government of Japan provided aid assistance a total of ¥134.6 billion (K3.365 billion).

“Under our priority area of ‘strengthening the Foundation of Economic Growth,’ JICA provided and will provide the sum of ¥15.481 billion (K389.5 million) including ¥8.3 billion (K208.5 million loan) in the 2005-18 period.

“Until 2011, ¥27.4 billion (K685 million) was allocated for technical cooperation; ¥70.4 billion (K1.76 billion) for Loan; and ¥36.8 billion (K920 million) as grant,” he added.

In light of project implementations in the country, Iwamoto said security, high cost of doing business and high transport costs were impediments when it came to delivering the projects.

Similar concern was raised recently by Minister for Trade, Commerce and Industry Richard Maru on the high fares charged by Air Niugini.