ADB looks at investing in the private sector

The Asian Development Bank is looking at investing in the private sector without the guarantee of the government.

Bank President Takehiko Nakao said they mostly assist the public sector however, they are also looking at other sectors.

Nakao highlighted that ADB has agreed to provide US$350 million over five years from 2014 to 2018, including US$100 million committed for a road and jetty project in December 2014.

He added that this is more than the amount ADB committed in the entire period from 1970 until the end of 2014.

In a press conference the ADB President also commended the government’s initiatives.

The ADB President said he had a brief meeting with Prime Minister, Voreqe Bainimarama, Finance Minister Aiyaz Sayed-Khaiyum and Minister for Foreign Affairs Ratu Inoke Kubuabola.

Nakao said he discussed so many elements of their cooperation with Fiji for about an hour with the Prime Minister.