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Government, ADB Loan Deal

The Asian Development Bank (ADB) and the Government of Fiji yesterday signed a $100 million loan agreement for a project. This project is to improve the safety and durability of
13 Dec 2014 10:10
Government, ADB Loan Deal
Minister for Finance Aiyaz Sayed-Khaiyum (left) seals the deall with a handshake with Regional Director of ADB’s Pacific Sub-Regional Office based in Fiji, Robert Jauncey at Ministry of Finance yesterday. Photo: JONA KONATACI

The Asian Development Bank (ADB) and the Government of Fiji yesterday signed a $100 million loan agreement for a project.

This project is to improve the safety and durability of the country’s land and maritime transport infrastructure.

The approval of the transport loan by ADB’s Board of Directors will mark the start of a new partnership and re-engagement with the Government.

ADB will be working for the next five years on a Country Partnership Strategy with Fiji for 2014-2018.

Regional Director of ADB’s Pacific Sub-Regional Office based in Fiji, Robert Jauncey, said: “This new loan and Country Partnership Strategy will build on ADB’s comparative advantages in providing  both knowledge and financing to support the Government of Fiji’s development strategy and priorities.”

The transport Infrastructure Investment Sector Project will improve access to markets, schools and clinics and boost services for rural communities.

A key focus will be on building climate resilient infrastructure.

Over the next five years, the Government will contribute $11 million to the project.

Budget

The Minister for Finance, Aiyaz Sayed-Khaiyum, said: “The Government of Fiji is please to be working with ADB to boost our transport infrastructure and investment.

“It is a partnership that will develop inclusive and sustainable infrastructure.

“This project will finance civic works to repair and upgrade existing roads, bridges and rural jetties as well as making safety improvements to selected roads and bridges.”

The Minister for Infrastructure, Pio Tikoduadua, said, “This signing of the project marks the start of a new journey as this loan will be used for critical areas of development, our Fiji Roads.

“The areas have already been identified and these are for the benefit of our Fijian people.”

Under the new strategic partnership, ADB will provide Fiji with up to $350 million to support the country’s development agenda.

Through its ordinary capital resources, ADB is able to offer low-cost financing for Fiji.

In addition, ADB will provide almost $8 million in grants to finance technical assistance over the same period.

Feedback:  rachael.nath@fijisun.com.fj

 




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