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P/Courier
Tue, 20 Oct 2009
PORT MORESBY, PNG ----- Japan has now become Papua New Guinea’s number one friend after a funding agreement sealed last week.
The funding placed Japan Bank of International Cooperation as the single largest financier with $US3 billion (K11 billion) of the State’s equity in the PNG LNG project.
MANAGING director Kohei Naka-nishi gave a “thumbs up” for new developments on the part of the national Government through its agencies like the Department of Petroleum and Energy to ensure that the project was on schedule and was supported by all stakeholders including the State.
Oil Search Limited managing director Peter Botten described the funding by the bank as “the single largest financier of the project and a long term partner in the development of the
country”.
State Enterprises Minister Arthur Somare said the agreement between the State and JBIC marked a “new prosperity of the country”.
“In the wake of the PNG LNG project the potential for increased investment flows will provide major opportunities for improved agricultural productivity and other value-adding investments that can, and will, contribute to higher levels of prosperity throughout rural PNG,” Mr Somare said.
“These private sector investments are crucial to the ability of this country to generate tens of thousands of jobs needed every year to improve employment prospects and living standards.”
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