Government secured US170 million dollar loan from ADB
The Government through the Ministry of Finance has concluded a loan and grant negotiation of over 1-hundred seventy million US dollars with the Asian Development Bank (ADB) in Honiara last week.
A government statement confirmed, this is for the proposed Land and Maritime Connectivity Project set out in the Government’s National Transport Plan 2017–2036.
The project will support the Government’s initiative to improve connectivity, efficiency, and disaster resilience of the transportation networks in the Solomon Islands over the period of eight years.
From the total, ADB is expected to finance nearly 1-hundred and fifty million US dollars with a 50 percent on grant and another 50 percent on concessional loan whilst the Government’s contribution is 20- million US dollars.
The project will rehabilitate and upgrade 35 kilometers of urban and rural roads in Honiara and the surrounding regions of Guadalcanal Province, construct 2 wharves in the rural region, and rehabilitate and improve the old International wharf at the Honiara Port.
It will also support MID in planning, project preparation, procurement, work supervision, asset-management system development, and long-term transport sector institutional development.
This project will further enhance the long-term partnership and engagement to support the Government in the transport sector.