PNG Opposition leader Don Polye warns new Asian Bank on Duplication of Roles

PORT MORESBY: PNG’s Opposition Leader Don Pomb Polye has warned the Chinese government on the duplication of Asian Development Bank’s functions with its newly-established Asian Infrastructure Investment Bank.

“AIIB should not duplicate functions undertaken by ADB but only support cleaner energy development.

“I will write to the Chinese Ambassador on the this matter,” said Mr Polye.

He has urged other Banks like the Asian Development Bank (ADB), International Monetary Fund and World Bank to continue their traditional infrastructure development program in the country.

Mr Polye said he welcomed the news on its establishment as PNG would benefit from this bank.

He said AIIB was an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region.

He added that Chinese investment of US$100 billion would grow emerging economies like PNG, Philippines, Malaysia, Indonesia, and Vietnam among others.

Polye also urged investors and businesses to focus on clean and renewable energy, saying AIIB promotes investments in cleaner and renewable energy.

“China should take its initiative further by AIIB supporting development of solar energy, hydro energy, bio-fuel, geo-thermal power, wind power and other renewable power energy systems so that a new global energy system is created.

“This approach by the bank should provide a much needed solution for reducing global warming,” he said.

Meanwhile, Mr Polye said the answers to today’s economic challenges in the developed economies lie in the growth of developing countries.

“The growth of developing nations sets the pace for global growth and that PNG is no exception as it is a significant economy in the Pacific region,” he said.