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June 24, 2021
Featured Highlands News

Highlands Highway Rehabilitation to be funded by loans

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This is the second meeting for Prime Minister Peter O’Neill and Asian Development Bank president, Takehiko Nakao.

Mr. Nakao congratulated the Prime Minister on his re-election and commended PNG for its economic and social development.

Mr. Nakao said ADB will continue to work with the government to support economic growth, rural development, and improved access to social services.

In June 2017, ADB the first part of the loan of $300 million with Australia’s co-financing of $11.5 million of a $1 billion multi-tranche financing facility to rehabilitate and upgrade the Highlands Highway.

The Prime Minister speaking to the PNG Business reiterated the commitment from all parties to improve the Highlands Highway.

Since PNG joined ADB in 1971, ADB has approved loans and grants totaling $2.6 billion, of which $1 billion is concessional loan, $15 million grants and $74 million for non-sovereign projects.

ADB’s support to PNG is guided by its Country Partnership Strategy 2016-2020, and aligned with the government’s Development Strategic Plan, 2010-2030.

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