Asian Development Bank President visitPNG

The Asian Development Bank (ADBe says it will continue to bacPNG initiatives to achieve sustainable growth.

And one major project that falls in line with that isthe rehabilitation ofthe Rouna Power Station underthe recently signed Port Moresby power Grid Development Project.

Sustainable growth was highlighted by visiting President for ADBeTakehiko Nakao atthe business breakfast held atthe Port Moresby yacht Club this morning facilitated bythe Port Moresby Chamber of Commerce andIndustry.

The business breakfast yesterday was attended by representatives ofthe Diplomatic Co and Business Executives.

Mr Nakao’s message tothem was simple, and that waPNG must become more than simply an exporter of primary resources.

“PNG faces a lot of challenge but it also has a lot of opportunity by makingthe economy more inclusive, more integrated and more innovative.

“PNG can strenthen broad-based sustainable growth, futher reduce poverty and become a truly integrated part of Asia and Pacific Region.

He says ADBeis playing a role in supportingthe government to come up with improverd monetary and fiscal policy that will enhance economic stability.

“ADBehas assisted important structural reforms in such areas as financial services and a Small and Medium size Enterprises.”

PNG is ADBersquo;s largest partner inthe Pacific in terms of loans for public and private sector development.

Since its affiliation in 1971PNG has received seventy five loans worth over Three Bellion Kina as well as an ADBefund grant worth Fifteen Million US Dollars or over Thirty Million Kina.

The visit bythe President of ADBehas a lot of relevance.

Mr. Nakao met with Prime Minister Peter O’Neill; Treasurer Don Polye; Minister for National Planning and Monitoring, Charles Able; and ther senior government officials and business lLeaderson Monday.

He also visited two key ADBeprojects.

ADBeis dedicated to reducing poverty inthe Asia Pacific Region through inclusive economic growth, environmental sustainability, and RegionalIntegration.

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