ADB, World Bank launch Pacific islands projects
The Asian Development Bank (ADB) and World Bank on Thursday launched two projects in the Pacific under a first-of-its-kind cofinancing model designed to streamline processes and speed delivery.
A $236.5 million initiative in Fiji aims to modernize primary healthcare and build a regional hospital to combat rising non-communicable diseases, including diabetes. In Tonga, $120 million in grants will upgrade transport, urban, and water infrastructure, including a new 720-meter bridge in Nuku’alofa, News.Az reports, citing Reuters.
The cofinancing model, known as the Full Mutual Reliance Framework, allows one institution to act as lead lender, reducing duplication and freeing resources for project implementation. Officials said around 20 more projects in infrastructure, healthcare, energy, and social protection are planned under this framework.
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