Prime Minister James Marape says Papua New Guinea has secured more than K400 million in funding support from France and European investment partners to redevelop and modernize Rabaul Port in East New Britain Province.
Speaking yesterday morning at Melanesian Haus in Port Moresby after returning from France, Mr. Marape said the project had been approved by both the PNG Government and French authorities and was moving into the implementation stage.
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Mr. Marape in a statement said the funding support would be provided through the French Government’s development agency, Agence Française de Développement (AFD), together with European infrastructure financing partners.
He said the redevelopment of Rabaul Port would strengthen shipping, trade, fisheries and export activities in the New Guinea Islands region and across the Pacific.
“Our Cabinet has already cleared the Project, the French side has approved it, and we are now moving into the final stages of Implementation,” Mr. Marape said.
The Prime Minister said the project would transform Rabaul into a modern Regional Economic Hub capable of supporting Agriculture, Fisheries, Trade, Shipping, and Export Industries.
“Rabaul is one of the deepest Water Ports in Papua New Guinea and possibly in the Pacific. Its strategic value extends well beyond present-day usage,” he said.
The Prime Minister said the Government envisions Rabaul becoming a major Logistics and Storage Centre, as well as a Special Economic Zone that would attract International Investment and create opportunities for Local Businesses and Employment.
“I invited French Investors to consider East New Britain as a future Business Hub, especially in Agriculture, Fisheries, and Export-Oriented Industries linked to the Port Redevelopment,” Prime Minister Marape said.
Prime Minister Marape explained that Rabaul was not part of the six Ports currently funded under the Australian-supported Port Redevelopment Program because of previous Operational Restrictions and Moratorium arrangements that had existed over the Port.
“Once the Moratorium was lifted, we actively sought a Financing Partner, and France together with the European Union came forward to support this important National Infrastructure Project,” he said.
The Prime Minister further highlighted that the Government has already designated Rabaul as one of Papua New Guinea’s strategic Ports for domestic Downstream Processing Industries, including Forestry and Fisheries Development.
“This Project fits squarely into our government’s long-term Economic Vision of creating Regional Growth Centres and building stronger Economic Corridors throughout the country,” Prime Minister Marape said.