$500 million for region’s transport infrastructure
Building on some 23 projects under way in 2013 in the Cook Islands, Fiji, Kiribati, Papua New Guinea, Solomon Islands, Timor-Leste, and Vanuatu, The Asian Development Bank (ADB) will continue to play a prominent role in transport infrastructure investment in the region, according to the financial institution’s latest <i>Pacific Transport Update 2013</i>.<!--more-->
ADB’s pipeline of transport projects for 2014-2016 is projected to reach about $484 million, building on an existing portfolio of projects worth $1.8 billion.
Projects in Melanesia receive the lion’s share of the funding with Papua New Guinea receiving the largest investment in civil aviation, road, port, border and community water projects. Road projects in Timor-Leste also receive high levels of investment. Solomon Islands is also a major beneficiary of funding to implement road, transport sector and domestic maritime projects.
The report highlights the range of investments in land, sea, and air transport to support improved connectivity in the region. It describes projects and technical assistance that governments have prioritised for ADB assistance.
Almost two-thirds of the financing of current operations is from ADB and more than one third from Governments and development partners including Australia, New Zealand, the European Union, World Bank and the Pacific Region Infrastructure Facility.
<i>Pacific Transport Update 2013</i> notes investment in transport is critical to addressing the vast distances and high production and market costs faced by remote and isolated Pacific communities. Transport routes from the Pacific to overseas markets are among the world’s longest.
The report says ADB operations in the Pacific also focus on the safety, security and maintenance of transport infrastructure as well as building climate resilient infrastructure.