$94M from Aus, NZ for Pacific

AUSTRALIA and New Zealand have renewed their commitment to the World Bank’s work in the Pacific through an agreement to strengthen cooperation in the region.
$94M from Aus, NZ for Pacific $94M from Aus, NZ for Pacific $94M from Aus, NZ for Pacific $94M from Aus, NZ for Pacific $94M from Aus, NZ for Pacific

Stephen Ndegwa

Staff Reporter

In cash terms the PNG and the Pacific Islands Umbrella Facility (PPIUF) will be in place until at least 2031 and will support World Bank projects across the Pacific through a commitment of $A109 million from the Australian government and $NZ33 million from the New Zealand government.
In US dollar terms, the combined commitments of the countries amount to $94.4 million and are expected to grow to a combined estimated $US200 million by 2031 as projects grow.
The agreement will support work related to Tonga's ongoing recovery from last year's volcanic eruption and tsunami, support for the expansion of Papua New Guinea's engagement in regional labour mobility programs, and work in Solomon Islands to improve basic infrastructure.
"Far more communities and businesses are better connected - through roads, airports, and hi-speed broadband, for example - and able to access better healthcare and education as a result of Australia and New Zealand's contributions to World Bank projects over the past decade," said Stephen Ndegwa, country director for the World Bank in Papua New Guinea and the Pacific Islands.
"Much of these projects are funded through the International Development Association (IDA), to which Australia and New Zealand are critical contributors, and this expansion of our partnership is a testament to what we have achieved together already in creating more opportunities for communities across the Pacific," Ndegwa said.
The full World Bank report may be found at this address: https://bit.ly/3LMzhUn


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