Papua New Guinea
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PNG signs documents for finance, infrastructure growth

The state visit from French President Emmanuel Macron and his delegates has brought about the signing of four documents.

The documents signed at the APEC House are:

  1. A declaration of intent on sustainable ports infrastructures between the French Development Agency, the European Commission, the European Investment Bank, the Australian High Commission in PNG and PNG Ports Corporation Limited.
  2. A letter of intent on greening the financial systems between the French Development Agency, the Bank of PNG and the Global Green Growth Institute.
  3. A financing agreement on energy transition between the French Development Agency, PNG Power Limited and ENERCAL of 800,000 euros or K3.1 million.
  4. The Contribution Agreement between the European Union and Expertise France for the Forest, Climate Change & Biodiversity project and A Declaration of Intent on Expertise France's status in PNG between the Department of Foreign Affairs of the Government of PNG and Expertise France.

The first document supports PNG's ambitious upgrade of its ports infrastructure network.

The second will foster cooperation with respect to greening financial systems in the country ensuring resilience to climate-related risks as well as channelling finance for conservation and adaptation to climate change.

The third document regards the first financing agreement to mobilize French funding and expertise on energy transition to support renewable energy integration in PNG Power Limited electric systems.

The fourth document relates to the project that Expertise French will manage. It amounts to K133 million.