ADB President visits Papua New Guinea
Asian Development Bank (ADB) President Takehiko Nakao last week made
a two-day trip to Papua New Guinea (PNG) where he met top government
officials and business leaders and visited two ADB projects.
President Nakao met PNG Prime Minister Peter O'Neill, PNG Treasurer
and ADB Governor Don Polye, PNG Minister for National Planning and
Monitoring Charles Abel, and other senior government officials and
development partners to discuss the development outlook for PNG and
ADB's activities in the country.
Since joining the ADB in 1971, PNG has received 75 loans worth $1.5
billion, and one Asian Development Fund grant worth $15 million, and 148
technical assistance projects worth $62.8 million. PNG is ADB's largest
partner in the Pacific in terms of loans for public and private sector
development.
At a meeting at the Port Moresby Chamber of Commerce, President Nakao
said that PNG must be more than an exporter of raw materials and must
embrace innovation and new technologies such as mobile
telecommunications that will open new business opportunities and help
deliver health, education and other social services more effectively.
"To achieve sustainable growth, PNG must become more inclusive, more
integrated and more innovative," he said. "The government must use
revenue effectively to restore and upgrade the national infrastructure
network. It must ensure that different parts of the PNG economy are well
connected and that the benefits of economic growth are shared
equitably."
He stressed the importance of continued reforms of state-owned
enterprises and improving transparency of resource revenue management.
PNG also needs to work toward creating a financial system that supports
small-and mid-sized firms, which have been a key source of innovation
and job creation across the Asia-Pacific region.
During his visit, the President also visited the Rouna Power Station,
which will be rehabilitated under ADB's recently signed Port Moresby
Power Grid Development Project and Jackson's Airport, one of the sites
being upgraded under the Civil Aviation Development Investment Program. |