Partnership with NZ Foundation for Cooperation in Pacific

Partnership with New Zealand Foundation for Further Cooperation in Pacific

Auckland, New Zealand (9 September 2011) – Asian Development Bank (ADB) Vice-President of Private Sector and Co-financing Operations Lakshmi Venkatachalam reaffirmed ADB's strong partnership with New Zealand during a high-level meeting today with New Zealand’s Foreign Minister Murray McCully.

The meeting took place at the 42nd Pacific Island Forum Leaders Meeting to which the Vice-President led an ADB delegation. ADB attended the meeting in Auckland, New Zealand as an observer.

“As a founding member of ADB, New Zealand has played a key role in ADB’s efforts to reduce poverty in the Pacific region,” said Ms. Venkatachalam. “We look forward to further cooperation with New Zealand, particularly in the areas of infrastructure and education.”

ADB is partnering with New Zealand on the Solomon Islands Road Improvement Project (SIRIP) along with AusAID, the European Union, and the Solomon Islands Government. SIRIP is replacing or upgrading about 30 water crossings, and reconstructing about 20 km of roads across three provinces. SIRIP is also strengthening infrastructure against climate change and re-connecting remote rural communities to markets, schools, and health care facilities.

The Samoa Education Sector Project, cofinanced with New Zealand, is designed to address some of the most pressing issues faced by the education sector. It supports the establishment of a more equitable and effective education system in Samoa through improvements to the school curriculum, learning materials, and teaching practices, ensuring teachers are well trained as well as providing better educational facilities.

ADB in partnership with New Zealand is assisting Pacific governments to develop electronic business registries in the region, which is expected to make it easier to establish businesses in the Pacific.

ADB and New Zealand are also partners in the Pacific Regional Infrastructure Facility (PRIF). The PRIF coordinates donor assistance to develop and maintain critical economic infrastructure in Pacific Island countries. It is also helping to develop competitive local private sectors to deliver infrastructure maintenance and construction services, contributing to both job creation and sustainable economic growth in the Pacific.

New Zealand is the 10th largest shareholder in ADB among its regional members and the 16th largest shareholder overall.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2010, ADB approvals, including cofinancing, totaled $17.51 billion. In addition, ADB's ongoing Trade Finance Program supported $2.8 billion in trade.

ENDS

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