K100m Loan From India To Fund Infrastructure Projects
A K100 million loan from India to fund infrastructure projects in PNG will now be drawn down, Prime Minister James Marape told Parliament yesterday. Mr Marape said the soft loan, a gift from the people of India to PNG, was secured but never accessed until now.
He was responding to questions raised by Middle Ramu MP Jonny Alonk, who said that of the K100 million, about K60 million was for the Baiyer-Madang road.
It was reported that K20 million was for the West New Britain roads, K20 million for Mt Hagen and the remaining for the Baiyer-Madang road.
“Yes, I can confirm the K100 million was secured but we haven’t had access to the funding, it is still in the process,” Mr Marape said.
“My apologies to the proposed recipients of the projects, that funding for the project has taken some time to process, and I am instructing Treasury today that they must start the process of drawing down these funds, very soft funding provided to us by the people of India through the Indian Exim Bank.”