THE Asian Development Bank (ADB) and the Government of Solomon Islands yesterday signed a grant agreement to fund a new facility which will finance the design and implementation readiness of the government’s priority transport projects.
The agreement establishing the Transport Sector Project Development Facility was signed by Solomon Islands Permanent Secretary for Finance and Treasury, Harry Kuma and ADB’s Pacific Liaison and Coordination Office Regional Director Ms Emma Fan at a ceremony in Honiara during a visit by members of the Board of Directors of ADB to the country. ADB Executive Directors Mr In-chang Song, Mr Tony McDonald, Mr Syurkani Ishak Kasim, Mr Shahid Mahmood, Mr Philip Rose, Mr Kris Panday, Mr Mahbub Ahmed, and Mr Enrique Galan witnessed the event.
“The Ministry of Infrastructure Development, Solomon Islands Port Authority, and the Ministry of Communication and Aviation will all benefit from the facility, which will help deliver projects faster and improve connectivity in the country,” said Mr Kuma.
“ADB’s activities in the transport sector in Solomon Islands are delivering safe, efficient, and reliable intermodal links to connect people with the resources and opportunities they need to thrive,” said Ms Fan.
“The new facility will help us better support the long-term sustainability of our investment in transport in Solomon Islands.”
The Transport Sector Project Development Facility, which was approved in September by ADB’s Board of Directors, will prepare feasibility studies and designs for transport projects, provide implementation support for procurement and social safeguard activities at the beginning of the project cycle, and provide training for project implementing agencies.
The facility will help increase investment in the transport sector, preserve key assets, reduce delays in project implementation, and improve the quality of project designs.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in co-financing.