The Board of Governors of the Asian Development Bank (ADB) has approved the membership of Niue as the bank’s 68th overall member and 49th from the Asia and Pacific region.
“We welcome Niue as ADB’s newest member. This new relationship will bring Niue into the development community and help ADB to work closely on building and strengthening economic growth that benefits all Niueans,” said ADB President Mr. Takehiko Nakao.
Niue is an island in the South Pacific. It is located to the east of Tonga and to the south of Samoa. Niue is one of the smallest countries in the world with an estimated population of 1,634 in 2016.
The country faces serious challenges in achieving sustained social and economic development. Niue’s development has benefited from its close relationship with New Zealand and support from other bilateral development partners and regional organizations.
Niue’s economy grew by an average of 3.6% per annum during 2012 to 2016. Tourism development has been the main driver of its growth.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion.