Australia, through the Australian Infrastructure Financing Facility for the Pacific (AIFFP) is financing AUD621.4 million worth of upgrades and refurbishments to a number of Papua New Guinea’s ports.
The Prime Minister of Australia and Prime Minister of Papua New Guinea met to announce the Papua New Guinea Port Investment Program between Australia, Papua New Guinea and PNG Ports Corporation Limited (PNGPCL), building on a Memorandum of Understanding agreed between the parties in June last year.
Ports are critical for connectivity and economic growth in Papua New Guinea, which relies heavily on coastal trade and maritime access to essential goods and services. Australia’s investment includes an upgrade of Lae Port – Papua New Guinea’s largest – to position it as a premier transhipment hub for the Pacific, benefiting not only Papua New Guinea, but the region.
The investment will improve trade and connectivity in the region and help with Papua New Guinea’s longer-term development as well as its immediate COVID-19 recovery, building on Australia’s long track record of delivering quality infrastructure in Papua New Guinea.
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