Asian Development Bank invests $31m to improve roads in Papua New Guinea

Asian Development Bank invests $31m to improve roads in Papua New Guinea

Asian Development Bank invests $31m to improve roads in Papua New Guinea

The Asian Development Bank has approved a $31 million loan to expand and improve the road network in Papua New Guinea.

The Transport Sector Preparatory Project will finance a feasibility study and detailed engineering designs, including bidding documents and procurement support, for three transport projects along the northern region road corridor and continue improvements to the Highlands core network in central Papua New Guinea.

“This project readiness financing is Asian Development Bank’s new and innovative way to fast-track projects, while improving engineering designs and procurement,” said Asian Development Bank Country Director for Papua New Guinea David Hill. “This facility is the foundation for implementing the government’s new Connect Papua New Guinea strategy and will support the construction of key economically strategic roads for the next 10 to 15 years.”

The northern region road corridor starts at the Indonesian–Papua New Guinea border and runs almost 1,500 kilometres, connecting the ports of Vanimo, Wewak, Madang, and Lae with the Highlands highway and southern region corridor.

Improvements to the corridor and the construction of missing links will make an important contribution to the economic growth of the region, which is home to about 40% of Papua New Guinea’s population.

The $31 million concessional loan is sourced from Asian Development Bank’s Ordinary Capital Resources and is being supported with $3.1 million from the Government of Papua New Guinea.

The Asian Development Bank is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

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Post source : Asian Development Bank

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Anthony has worked in the construction industry for many years and looks forward to bringing you news and stories on the highways industry from all over the world.

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