17 Apr 2007

ADB chief says PNG has strong potential for private sector development

6:51 pm on 17 April 2007

The president of the Asian Development Bank has made his first visit to Papua New Guinea, meeting with government ministers as part of efforts to further strengthen the bank's relationship with the country.

The ADB is currently working with PNG to help the country achieve its medium-term development goals, which includes private sector development, combating the spread of HIV/AIDS and making improvements to transport infrastructure.

The ADB president, Haruhiko Kuroda, says PNG shows strong potential for private sector development and the ADB is committed to helping the country achieve economic self-reliance.

The banks' latest report shows that PNG's economy grew 3 point seven percent last year and that the country's borrowings from the ADB had declined considerably in recent years, with only four new loan projects since 2001.