ADB

The total financing of $13.3 million comes from ADB’s Asia Pacific Disaster Response Fund and comprises $1 million for the Cook Islands; $1.5 million for Kiribati; $630,000 for the Republic of the Marshall Islands (RMI); $1.03 million for the Federated States of Micronesia (FSM); $1 million for Palau; $3 million for Papua New Guinea; $1.5 million for Samoa; $1.5 million for Solomon Islands; $630,000 for Tuvalu; and $1.5 million for Vanuatu.

The ADB's Pacific Urban Update 2020 report details a swathe of urban infrastructure projects that are planned or under way across the region.

ADB Pacific urban division director Jingmin Huang said the report showed how the bank was partnering with island governments, private sector and donor partners.

"And also, this report is very good to help us better understand our position in urban development and then based on that it would help to guide our future development direction," she said.

The announcement follows the passage of the Maritime Sector Regulatory Act 2016. The new law was drafted as part of the ongoing Vanuatu Interisland Shipping Support Project, co-financed by ADB, and the governments of New Zealand and Vanuatu. The passing of the new Act and the establishment of the new maritime regulator are the project’s latest milestones.

RNZ reports SOE portfolios in eight Pacific countries examined contribute only 1.8% to 12% of gross domestic product, despite having very large asset bases, ongoing government cash transfers, and monopoly market positions.

The ADB said productivity levels of the SOEs were also well below that found in developed countries.

But the Bank noted some successes in pursuing commercially-oriented reforms.

It said that over the past 14 years Solomon Islands has improved significantly, with Tonga also doing better.

Andrea Iffland, Regional Director of ADB’s Pacific Liaison and Coordination Office in Australia, together with  the Minister of Finance and Economic Development, Willie Jimmy participated in the signing ceremony in Port Vila.  

The project will support the government’s efforts to reconstruct, and climate- and disaster-proof transport sector infrastructure on the Efate ring road, which suffered significant damage from flooding as a result of Cyclone Pam in March 2015.

But the report by the Asian Development Bank also shows the region is not doing enough to capitalise on the rapid expansion of its Asian neighbours.

Emma Veve is the Director of the ADB's Pacific Department and she says Pacific countries must do more to encourage innovation and generate wealth.

“ADB’s energy operations in the Pacific aim to boost energy security, support low-carbon growth and help expand access to modern energy services,” said Michael Trainor, Energy Specialist in ADB’s Pacific Department.

“Our energy policy rests on promoting energy efficiency, renewable energy, capacity building, and energy sector reform.”