Papua New Guinea and ADB Formalize $100 Million Loan Agreement
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Manila, Dec 17 (NationPress) The Government of Papua New Guinea and the Asian Development Bank (ADB) have officially entered into a policy-based loan arrangement worth $100 million intended to bolster governance and accountability throughout the public sector, as reported by the bank on Tuesday.
The ADB stated that the Strengthening Public Sector Management Program is designed to assist the government in improving fiscal management, enhancing governance within state-owned enterprises, and fortifying accountability institutions throughout the nation, according to Xinhua news agency.
"This program will aid the government in reinforcing legal, regulatory, and institutional frameworks to promote better governance and accountability in the nation while integrating climate change considerations into public sector management," remarked ADB Country Director for Papua New Guinea, Said Zaidansyah.
On December 13, the ADB approved a separate $30 million loan aimed at facilitating Public-Private Partnership (PPP) initiatives in the Philippines. This funding will contribute to strengthening infrastructure development, advancing climate action, and enhancing economic competitiveness.
The ADB explained that this loan will replenish the Project Development and Monitoring Facility, operated by the government's Public-Private Partnership Centre, to assist in the design and execution of viable PPP projects.
Additionally, it will bolster the capacities of implementing agencies and local government units in the development and management of these projects, the bank added.
This loan is anticipated to support up to 35 national and local PPP projects from 2025 to 2029. Each project will undergo climate risk assessment and management to ensure alignment with the Philippines' nationally determined contributions.
These initiatives are expected to enhance railways, roads, transportation networks, and vital community facilities.
According to ADB Philippines Country Director Pavit Ramachandran, "The Philippines is recognized as a leader in the Asia and Pacific region for utilizing PPPs as a strategy to address infrastructure deficiencies and pursue sustainable growth and development."
The ADB is a regional development bank founded on December 19, 1966, and is headquartered at 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. The bank operates 31 field offices globally to promote social and economic development across Asia.
