Vanuatu, ADB Sign Agreement On Joint Field Presence

Vanuatu, ADB Sign Agreement On Joint Field Presence

PORT VILA, VANUATU (10 May 2011) – The Government of Vanuatu and the Asian Development Bank (ADB) have signed a Memorandum of Agreement formalizing ADB’s Joint Vanuatu Liaison Office that it shares with the World Bank Group.

The office opened in late 2010 to further strengthen the banks’ relationship with Vanuatu’s Government and people.

“We value the good relationship we have shared with ADB for 30 years,” said Joe Natuman, Minister of Foreign Affairs. “We appreciate ADB’s increased presence in Vanuatu, working with Government to help us achieve our development goals.”

ADB provides ongoing assistance for improving access to finance opportunities in Vanuatu and is involved in state-owned enterprise reform alongside the Australian Agency for International Development (AusAID). ADB is preparing for an inter-island shipping project in cooperation with the New Zealand Aid Programme and an urban development project with AusAID.

While Vanuatu is one of the fastest growing economies in the Pacific, it still faces enormous challenges such as vulnerability to natural disasters and influences of the global economy. Economic growth has been largely confined to urban areas and it has generated few jobs in rural regions. Vanuatu is struggling to meet its Millennium Development Goals, particularly reducing its maternal mortality rate and access to sanitation.

“The expansion of ADB’s activities in Vanuatu, especially in the areas of infrastructure investment, private sector development, and renewable energy, calls for strengthened engagement with the Government, and we are delighted that this new joint ADB/World Bank Liaison Office will help facilitate this engagement,” said Eugenue Zhukov, Regional Director of ADB’s office in Sydney, Australia.

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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