New Delhi: The Asian Development Bank (ADB) and the government of Papua New Guinea have agreed on a time-bound action plan to fast-track the implementation and improve the performance of ADB-financed projects in the country, a press release stated.
The 2024 Country Portfolio Review Mission Roundtable Meeting was held in Port Moresby on October 11, 2024. It was co-chaired by ADB Country Director for PNG Said Zaidansyah and the Department of National Planning and Monitoring Acting First Assistant Secretary Reichert Thanda. Government officials, including Department of Works and Highways Acting Secretary Gibson Holemba and Department of Treasury Deputy Secretary John Uware, project directors, and ADB staff attended the meeting.
ADB, the largest multilateral development partner of PNG, will continue to support diversified, sustained, and inclusive growth, says Zaidansyah.
ADB’s PNG program includes 15 loans, six grants, and 10 projects totaling K1.38 billion.
The largest sectors ADB supports are transport (roads and civil aviation) at 60% and energy at 20%, addressing the country’s large infrastructure gap.
ADB’s active portfolio includes the human and social development sector, building climate resilience, and supporting gender equity.
ADB is also actively working on public sector management, including state-owned enterprise reform, the release stated. The action plan for improving the portfolio focuses on contract and project management, procurement, financial management, safeguards, and gender equality.