The World Bank and the Asian Development Bank today unveiled two first-ever projects to combat noncommunicable diseases and enhance infrastructure in two Pacific Island countries.
The $236.5 million project will be delivered using an innovative co-financing mechanism called the Full Mutual Reliance Framework to increase development effect.
World Bank Group President Ajay Banga and Asian Development Bank (ADB) President Masato Kanda launched the initiative for Fiji and Tonga on Thursday, according to an ADB press statement.
The two projects will result in a significant health modernisation drive in Fiji and an integrated transport, urban, and water infrastructure development in Tonga.
The framework will enable governments to collaborate with a single lead lender, either the ADB or the World Bank, to guide all elements of project design, planning, supervision, and evaluation.
"Our goal is to make development finance simpler, faster, and more effective," ADB President Masato Kanda stated.
According to World Bank Group President Ajay Banga, this framework is a major step forward for the World Bank and the Asian Development Bank. Far more significantly, for the countries and people that rely on us to achieve actual outcomes, he stated.
A World Bank-led healthcare initiative in Fiji will modernise primary healthcare networks and fund a new, cutting-edge regional hospital, providing people across the Pacific with better access to treatment for cancer, cardiovascular disease, diabetes, and other serious health disorders.
The ADB-led Sustainable Economic Corridors and Urban Resilience (SECURE) project in Tonga would modernise Greater Nuku'alofa's transport network and urban drainage systems, including the 720-meter-long Fanga'uta lagoon bridge.
The upgrades will alleviate traffic congestion, provide market access for rural populations, and improve connectivity to critical infrastructure such as the airport and port. It will also provide safe evacuation pathways during disasters like tsunamis.
