- The Australian Government signs an agreement with Papua New Guinea for $580 million worth of upgrades for PNG port infrastructure improvements and maintenance
- Prime Ministers Scott Morrison and James Marape met virtually today to sign the agreement which consists of a loan and grant finance package
- In a statement released today, Mr Morrison says the investment will assist PNG to undertake urgent repairs and upgrades to key ports which will improve trade in the region
- The agreement will include works at PNG’s largest port, the Lae Tidal Basin, to develop the site into a regional help better capable of servicing container ships from S.E. Asia
- Mr Marape welcomes the investment as a part of continuous support rendered under the Papua New Guinea–Australia Comprehensive Strategic and Economic Partnership (CSEP)
The Australian Government has signed an agreement with Papua New Guinea for $580 million worth of upgrades for PNG port infrastructure improvements and maintenance.
Prime Ministers Scott Morrison and James Marape met virtually today to sign the agreement which consists of a loan and grant finance package.
The financials of the agreement will be delivered through the Australian Infrastructure Financing Facility for the Pacific (AIFFP).
In a statement released today, Mr Morrison said the investment will assist PNG to undertake urgent repairs and upgrades to key ports which will improve trade in the region.
“This investment will improve trade and connectivity in the region, support economic recovery from COVID-19 and help safeguard the development of critical infrastructure in Papua New Guinea,” he said.
Mr Morrison said port upgrades will also facilitate investment opportunities for local PNG products.
“Upgrades to these key ports will facilitate trade and investment opportunities for PNG local products to reach designated domestic and international markets, create local employment, stimulate economies of scale, and build business confidence to grow our economy,” he said.
The agreement will include works at PNG’s largest port, the Lae Tidal Basin, to develop the site into a regional help better capable of servicing container ships from S.E. Asia.
Mr Marape welcomes the investment as a part of continuous support rendered under the Papua New Guinea–Australia Comprehensive Strategic and Economic Partnership (CSEP).