Featured Finance International News

Asian Development Bank Closes 2018 in PNG On A High

By Lilian Keneqa – EMTV News, Port Moresby

The Asian Development Bank’s billion-dollar portfolio of projects in PNG has delivered exceptional results this year.

The PNG portfolio of 18 projects, in vital sectors, featured loans and grants worth about 1.58 billion US dollars including one program loan, as of December 2018.

PNG ADB Country Director, David Hill described 2018 as a very productive year.

The Asian Development Bank today provided an in-depth review of its performance in PNG, to representatives from government, private sector and development partners.

The Review showcased the portfolio of 18 projects across transport infrastructure, maritime safety, civil aviation, climate resilience, and access to finance.

ADB Country Director, David Hill, attributed the portfolio’s achievement to great coordination and supervision between the bank, the government of PNG and executing agencies.

In terms of contract awards, ADB achieved almost 176% of the bank’s target of 223 million dollars.

In terms of disbursements, the bank achieved about 158% of their target.

The PNG Rural Primary Health Services delivery Project achieved the roll-out of a digital health information system across 8 provinces and NCD, enabling real-time public health data collection and information for decision making.

The Civil Aviation Development Investment Program saw nine civil works packages procured, and various good and services contracts processed and completed.

The Sustainable Highlands Highway investment program saw six contracts awarded worth over $200 million with construction beginning in the first quarter of 2019.

The Highlands region road improvement investment program, this year, saw the completion of two major highways.

The PNG Microfinance Expansion Project saw over 11,000 trained individuals in financial literacy and business development skills.

The Private Sector Development Initiative helped deliver PNG’s first National Competition Policy; including securing an agreement with MiBank.



Related posts

U.S. Blocks Fishing Boat From Fiji, Citing Forced Labor

EMTV Online

Marum Confirms Team for Game Against Cook Islands

Elijah Lavett

Health Department Urges Authorities to Band Together to Stop Counterfeit Drugs Distribution

EMTV Online
error: Content is protected !!