ADB

ADB provides K3 million for earthquake relief

ADB Country Representative, David Hill, has signed an agreement with Treasurer, Charles Abel for the funding to be released to the Emergency Controller.

The grant is made available through the Asia Pacific Disaster Response Fund (APDRF) and will be used for the immediate expenses for relief efforts.

Abel thanked Hill for the assistance and support to PNG.

The APDFR has made funding available to countries such as Tonga, Fiji, Philippines, and Nepal during disaster.

K35 million for new Kilakila Substation

The contract which was signed today between PNG Power Ltd and a Pestech will see the design, supply, construction and commissioning of the Kilakila substations infrastructure.

The PNG Government and Asian Development Bank (ADB) funded substation will make it possible for a transformer to be taken off the line without causing any disruption to connect consumers and will have a power evacuated capability of 20MVA under normal operation.

MOU signed for K88.79 million climate change program

The signing of the $US27.29 million (K88.79 million) project was between the Climate Change Development Authority as the executing agency and the Office of the Coastal Fisheries Development Agency as the implementing agency.

This climate adaptation project is funded by the Government Investment Fund and is administered by the Asian Development Bank.

The BRCC project will be rolled out in five provinces; Milne Bay, Manus, Morobe, East New Britain and the Autonomous Region of Bougainville.

WNB Governor presents K500,000 to YWAM

Governor Sasindran Muthuvel on Thursday presented a cheque of K500,000 to the YWAM.

The funding was for the medical ship to bring the health services closer to the people in Bali Witu, Kandrian Coastal, Gasmata , Kove Kaliai and Gloucester and Kandrian Inland areas where they have not received any proper medical services.

“For the first time, we can address through this arrangement to carry out various medical operations such as dental operations and many other medical treatments.”

Government signs K364m loan deal with ADB

Treasury Minister Patrick Pruaitch signed the deal with the Asian Development Bank’s Country Director Marcelo Minc on Thursday October 6, 2016.

The loan is part of the ongoing US$400 million (K1, 196.17m) multi-tranche financing facility road program that was approved since 2008.

These programs will address 2,500km of major national, provincial and some district roads and improve the capacity of National Roads Authority (NRA) and Department of Works to deliver quality road infrastructure. 

Aid partners satisfied with visit to WNB

Accompanied by WNB Governor Sasindran Muthuvel and Central Bank Governor Loi Bakani to various projects in the province, the delegation were impressed with the progress of the projects in the province.

The delegations comprising of two representatives each from IFC, World Bank and the Asian Development Bank visited the Hoskins Airport, 66kv power line project from Bialla to Kimbe, 12 bridges along the New Britain Highway, the bio gas plant generating 3megawatts power at Mosa and the Kumbango and oil mill operations.

ADB wants more profitability from Pacific SOEs

RNZ reports SOE portfolios in eight Pacific countries examined contribute only 1.8% to 12% of gross domestic product, despite having very large asset bases, ongoing government cash transfers, and monopoly market positions.

The ADB said productivity levels of the SOEs were also well below that found in developed countries.

But the Bank noted some successes in pursuing commercially-oriented reforms.

It said that over the past 14 years Solomon Islands has improved significantly, with Tonga also doing better.

 

PNG economy plans unrealistic: ADB

ADB’s Pacific Department biannual economic report; the Pacific Economic Monitor indicated that without further fiscal consolidation, PNG is likely to miss its fiscal targets.

ADB country director Marcelo Minc said the budget formulation needs to become more focused on delivering services.

He said improving infrastructure and enabling private sector participation remains central to achieving broad based, inclusive and sustainable economic growth.

“For instance increasing export competitiveness in the fisheries sector could help expand jobs.”

Workshop to deal with reporting of financial results

The three day training will look at providing a comprehensive understanding of the Smart Campaign to participants to conduct client protection self assessment for their microfinance institutions and identify vulnerabilities and strengths and to prioritize areas to strengthen client protection.

The training will also partially focus on understanding rules and regulations applicable to Papua New Guinea microfinance markets, as applied by regulators in PNG.

Tags: 

ADB: Pacific not capitalising on the rise of Asia

But the report by the Asian Development Bank also shows the region is not doing enough to capitalise on the rapid expansion of its Asian neighbours.

Emma Veve is the Director of the ADB's Pacific Department and she says Pacific countries must do more to encourage innovation and generate wealth.

Tags: