China Exim Bank eyes continued PNG investment

PAPUA New Guinea Prime Minister Peter O’Neill said he is confident the China Exim Bank will continue to expand its investment in PNG including the upgrade of the Highlands Highway and national broadband internet system.
China Exim Bank eyes continued PNG investment China Exim Bank eyes continued PNG investment China Exim Bank eyes continued PNG investment China Exim Bank eyes continued PNG investment China Exim Bank eyes continued PNG investment

O'Neill issued a statement following a meeting with bank chairman and president Li Ruogu and senior bank executives to highlight the scope of current Chinese investment and opportunities for further cooperation.

"China Exim Bank already has a very effective working relationship with Papua New Guinea, and we are looking to expand this engagement," O'Neill said following the meeting this week.

"Currently 80% of China Exim Bank's total loan and project financing commitment in the Pacific region is dedicated to Papua New Guinea.

"This is both a reflection of our strong bilateral relationship with China, and the ongoing potential of

our economy.

"Current funding includes the construction of roads from the Southern Highlands to Kikori in the Gulf province, and significant investment in the Ramu Nickel project in Madang.

"With the deepening of relations with China, we would like to see even greater cooperation with China Exim Bank on projects of mutual interest."

O'Neill said the discussions had moved closer to agreement on the funding of a water treatment project and the National Broadband System.

"These projects will provide significant benefit to our people through the provision of additional clean drinking water, and in meeting the growing demand for internet access used for communications by the public as well as the delivery of education and healthcare services," he added.

O'Neill thanked Li and his executive team for the confidence they had shown by funding major projects in PNG, and highlighted the opportunity for further investment.

"Chinese businesses see the growth potential of our economy, and are particularly interested in investing more in mining, forestry, agriculture, fisheries and ports," he said.

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