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Port Moresby
July 2, 2022
Business News

Another Government Loan from Asian Development Bank

Government has signed instruments of another loan from the Asian Development Bank, this time to the tune of 239 million US dollars.


Treasury Minister Don Polye said this loan is for the Civil Aviation Development Investment, and the Highlands Region Roads Improvement Programs.

Mr. Polye said the government will provide over K217 million as its counterpart component for the projects.


The first thing the minister assured the media of, was that,  government’s debt management is at sustainable levels, and this fund, including the former valued at 190 million US dollars, were all catered for in the 2014 budget.


This loan, at a tune of 239 million US dollars, is for the Civil Aviation Development Investment and the Highlands Region Roads Improvement Programs.


The National Government is providing K217 million as counterpart funding.


Mr. Polye said the provision of transport infrastructure in PNG has been hindered by rugged geographic conditions and extreme climate, making it costly for businesses, motorists and the general public.


Government, through the National Airports Corporation, will use its allocation to roll out maintenance for the 21 national airports in the country.


The slice for the Highlands Region Roads Improvement will be used to rehabilitate 115 kilometres of Lagaip-Porgera and Mendi-Kandep roads.


These roads are in the Enga Province, and benefit commuters between Enga, Hela and the Southern Highlands Provinces.


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