NATION

USP, ADB Signs $31.61m Loan

The University of the South Pacific (USP) officially signed the Asian Development Bank (ADB) Loan Agreement of $31.61 million (US$15.4m) for the development of the new Solomon Islands campus. The
04 Nov 2016 12:00
USP, ADB Signs $31.61m Loan
From left: Professor Rajesh Chandra, USP Vice-Chancellor and president; John Moffat Fugui, Solomon Islands Minister for Education; Robert Jauncey, ADB’s Regional Director South Pacific Sub-regional Office, and Winston Thompson, USP Pro-Chancellor after the signing. Photo: USP

The University of the South Pacific (USP) officially signed the Asian Development Bank (ADB) Loan Agreement of $31.61 million (US$15.4m) for the development of the new Solomon Islands campus.

The signing took place yesterday during the university’s 83rd Council meeting at the Holiday Inn in Suva.

Representatives for the signing of the loan documents included Professor Rajesh Chandra, USP Vice-Chancellor and President;  Robert Jauncey, ADB’s Regional Director South Pacific Sub-regional Office; and John Moffat Fugui, Solomon Islands Minister of Education and Human Resources Development, who represented the Solomon Islands government (SIG).

The loan is the balance of the Multi-tranche Financing Facility (MFF) of $38.99 (US$19m) that was approved by ADB in June 2012. Tranche one (1) loan of $7.39 million (US$3.6m) from the MFF was used for the construction of the new USP Kiribati Campus that was officially opened by the then President of Kiribati, Anote Tong in November last year.

The MFF is ADB’s first highly concessional Asian Development Fund (ADF) loan to a regional education institution, backed by a sovereign guarantee. It is also USP’s first development loan.

The parties signed three (3) documents which included the Loan Agreement, Guarantee Agreement and Grant Agreement.

According to the Guarantee Agreement, which was signed by Mr Jauncey from ADB and Honourable Fugui, SIG guarantees the loan of $31.61 million (US$15.4m).

Source: University of the South Pacific

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