ADB to scale up progress in PNG by $1 Billion

The Asian Development Bank (ADB) has approved a new country partnership strategy (CPS) for Papua New Guinea (PNG) covering 2021–2025. A blueprint for ADB’s plans in PNG, the new CPS concentrates on developing the transport and energy sectors; converting state-owned enterprises; promoting private sector development and investment; and supporting the government in reaching their development goals.

ADB’s Country Operations Business Plan for 2021–2023 follows the latest CPS and presents an indicative lending program of $2.9 billion, including plans in the transportation, energy, public sector management, education, water and sanitation, and finance sectors.

  Learn about the COVID-19 pandemic from News Hour  

ADB developments in the nation will be significantly scaled up, with planned support earmarked at $2.7 billion for 2021–2023, compared to the existing portfolio of $1.7 billion.

There are also planned new interventions in technical and vocational education and training and social protection. In keeping with ADB’s Strategy 2030, the new CPS focuses on capacity development, project readiness, and institutional strengthening.

Assistance for the transport and energy sectors will consider for more than 75% of new lending in the CPS period, with smaller interventions in water and urban infrastructure. A further 15–20% of lending is expected to support improvements in public sector management, likely through policy-based lending operations to assist economic and public sector reforms.

Follow News Hour
News Hour Correspondent

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments
Scroll Up
%d bloggers like this: