THE Solomon Islands Government through the Ministry of Finance & Treasury (MoFT) has concluded the loan and grant negotiation with the Asian Development Bank (ADB) in Honiara, last Thursday.
This is for the proposed Land and Maritime Connectivity Project.
As it’s being set out in the Government’s National Transport Plan 2017–2036, the guiding principles for priority investments in the transport sector serve as the policy framework for the project.
The project will support the Government’s initiative to improve connectivity, efficiency, and disaster resilience of the transportation networks in the Solomon Islands.
The proposed investment is US170.71million dollars and the Ministry of Infrastructure Development (MID) will implement the project over 8 years.
ADB is expected to finance US148.88 million dollars with a 50 percent on grant and another 50 percent on concessional loan whilst Government’s contribution is US21.83 million 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 in 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.