WB signs last of projects in current aid cycle

Business, Normal

The National – Tuesday, June 21, 2011

THE World Bank (WB) group last week signed the last of its projects in this current cycle of assistance to the PNG government in the collaborative partnership with International Finance Corporation and the Department of Commerce and Industry for the set up of the small and medium enterprise risk share
facility (SME RSF).
WB country manager Laura Bailey said the signing of the SME RSF and the second road maintenance and rehabilitation project last week brought the total cost of the assistance to US$243 million (K559 million).
She explained that the aid portfolio included the active and approved projects financed by concessional loans at zero interest rate with a 35-year payback period.
The WB will be working with government and other stakeholders in late 2011 to design the next four-year strategy and programme, which will “start” in mid next year.