Big spend to get nearby neighbours up to speed
Nearly half a billion dollars will be spent to improve transport in Pacific regions.
The Asian Development Bank (ADB) has unveiled a plan to spend $438 million improving a broad range of infrastructure across the Pacific, including road, shipping and aviation facilities.
The money will be used to enhance some of the world’s longest transport routes; from overseas markets to the islands of the Pacific.
ADB’s 2013 Pacific Transport Update, released this week, says proper investment in transport will bring a crucial boost to meet the ongoing challenges of the region.
East Timor and Papua New Guinea are the focus of the latest funding package.
The new investment is part of an existing portfolio of projects, the total value of which is up to $1.8 billion.
Solomon Islands will be a key beneficiary of improvements to roads, transport sector and domestic maritime projects.
In the ADB-led funding packet, about of third of the money has been put up by governments and industry partners including Australia, New Zealand, the European Union, the World Bank and Pacific Region Infrastructure Facility.
More information on the planned project is accessible here.