ADB releases 2nd tranche of financing to boost Solomon Islands’ transport infrastructure

MANILA, Oct. 21 (Xinhua) — The Asian Development Bank (ADB) released the second tranche of financing of 53 million U.S. dollars to strengthen transport infrastructure in the Solomon Islands on Monday.
The Land and Maritime Connectivity Project, approved by the ADB Board in June 2021, will be funded by a concessional loan of 74.4 million dollars and a grant of 74.5 million dollars. The grant is sourced from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing members.
The government of Solomon Islands is contributing the remaining 21.8 million dollars of the project’s overall cost of almost 171 million dollars.
The project is a 10-year multitranche financing facility, enabling ADB’s long-term support to the country’s transport sector.
Tranche 2 will continue rehabilitating and climate-proofing road transport infrastructure from the first tranche. ■