The Asian Development Bank (ADB) and the Government of Solomon Islands today signed concessional loan and grant agreements amounting to $10 million to help the recovery from COVID-19.
The agreements were signed at ADB Headquarters in Manila by ADB Executive Director Anthony McDonald, on behalf of the Government of Solomon Islands, and ADB Director General for the Pacific Leah Gutierrez . The policy-based loan and grant were approved by ADB on 9 December.
“Promoting tax reform for domestic revenue mobilization, strengthening public financial management, and improving the enabling environment for the private sector are the essential actions needed for Solomon Islands to achieve resilient economic and fiscal recovery,” said Ms. Gutierrez.
The policy-based loan and grant are from Subprogram 1 of the Supporting Fiscal and Economic Recovery Program.
The program, which built on previous policy-based operations, was developed in coordination with the World Bank, the governments of Australia and New Zealand, and the European Union, in consultation with the International Monetary Fund.
The grant is financed by the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
Source: ADB