Marape acknowledges support of Asian Development Bank

The National Business

PRIME Minister James Marape has thanked the Asian Development Bank (ADB) for its support to Papua New Guinea’s development in the past 50 years.
It is PNG’s largest multilateral funding partner.
Marape hopes that the ADB will continue to support PNG in the transport, health, energy and education sectors and reforms to State-owned enterprises.
Marape, Treasurer Ian Ling-Stuckey, Finance Minister John Pundari, Works Minister Michael Nali, Health Minister Jelta Wong and ADB country director David Hill met last Wednesday in Port Moresby.
Ling-Stuckey thanked the ADB for the increase in project financing in recent years, including a US$500 million (K1.7bil) in budget support for 2020.
The project loans discussed are to build a better and productive economy.
Average rates of return are expected to be 12 per cent a year with interest costs of only 2 per cent per year.
Nali explained the Connect PNG transport sector plan which was designed by the ADB’s transport sector preparatory project.
The project will design the:

  • TRANS-ISLAND Highway from Port Moresby to Lae;
  • MOMASE Highway (Somare Highway); and,
  • EXTENSION of Highlands Highway and feeder road network west of Mt Hagen.

Nali said they also discussed project to rehabilitate and maintain the 430-kilometre Highlands Highway.
Wong brought up continued progress under ADB financed health services sector development programme and the Covid-19 support that ADB provided last year.