Papua New Guinea to get US$100 million loan from India

 Papua New Guinea Government  has signed a US$100 million  loan facility on Thursday with the Export Import Bank of India to fund three major infrastructure projects in the country.

The US$100 million Memoranda of Understanding (MOU was one of the four agreements signed between the Republic of India and PNG at a ceremony at the Airways Hotel yesterday that was witnessed by Indian President Mr Shri Pranab Mukherjee and Prime Minister Peter O’Neill.

The line of credit agreement was signed between the general manager of the EXIM Bank of India Mr Utaphan Hokleu and Mr Manu Momo the deputy secretary – economic policy Department of Treasury.

This line of credit will fund three infrastructure projects in PNG, for the refurbishment of the National and Supreme court in Mt Hagen to the tune of USD20 million, secondly the Madang to Baiyer road which is USD60 million and thirdly the upgrading of the Kimbe-Hoskins to a four lane highway to the tune of USD20 million.

India,  also offered a coastal surveillance radar system and Coast Guard patrol vessels to the country as part of its commitment for the mutual maritime security initiative.

While PNG announced a visa-on-arrival facility for Indian tourists travelling to the Pacific Island as a "gesture of reciprocity" as India has already approved a similar facility for the nationals of all Pacific Island countries since last year. Post Courier/ PNG Today