15 May 2006

NEWS RELEASE: ADB Partnering with Australian Govt on Private Sector Development Initiative

SYDNEY, AUSTRALIA - ADB has strengthened its long-term commitment to the Pacific region by partnering with the Australian Government to boost a private sector development (PSD) initiative in the region. At the launch of the Pacific 2020 Conference in Sydney last week, the Australian Foreign Minister Alexander Downer announced a A$10 million dollar assistance over five years towards working with ADB on private sector reform programs in the Pacific. Australia’s contribution will be instrumental for the establishment of the new initiative designed to enable ADB to rapidly respond to reform opportunities, leverage policy dialogue, enhance knowledge management and communication, and foster regional integration.“Working with development partners such as the Australian Government is key to improving outreach and service delivery to the Pacific Islands,” said Philip Erquiaga, Director General of ADB’s Pacific Department. “Private sector development is all about creating the right environment and incentives to stimulate private sector investment in the region, giving people better access to income opportunities and basic social services.