Government has secured a loan of US$82.6 million fromthe Asian Development Bank to address electricity woes in Port Moresby.
Treasury Minister Don Polye announced this on Thursday. He is now inIndia attendingthe 46th ADBeAnnual Meeting.
The loan comprises of two parts – US$ 52.1 million is Ordinary Capital Resources and US$14.7 million is Asian Development Fund.
The balance of US$ 15.8 million is a counterpart fund and come fromthe Government anPNG Power Limited.
Minister Polye’saidthe project would address four (4) key output areas:
- Hydropower upgrade and rehabilitation of Rouna 1 and Sirinumu plant;
- Upgraded distribution grid to an estimated three thousand households;
- Upgraded substation capacity and a new Kilakila substation;
Minister Polye assuredthe ADBethatthPNG Government is committed to improving electricity supply not only inthe capital. He saidthe rest ofthe country will be attended to over time.
The arrangement is in line with Government’s long-term Vision 2050, Development Strategic Plan andthe Medium Term Development Plan 2011-15.
It is also part oPNG Power’s 15-year Power Development Plan.