The Pacific region requires $3.1 billion annually to fully address its infrastructure needs.
This was an estimate by the Asian Development Bank (ADB) recorded in the Pacific Regional Infrastructure Facility (PRIF) 2021 annual report.
Yesterday, the facility began its week- long conference where about 500 participants from across the Pacific joined in virtually.
The conference is an opportunity for development partners, private sectors, governments, and other stakeholders to talk about challenges in the industry and discuss solutions.
PRIF technical assistance officer, Timothy Stats said there were inefficiencies in the way infrastructure was done and there was room for improvement.
With the theme:’Enhancing Private Sector and Local Participation in Pacific Infrastructure,” the participants look forward to a fruitful week.
“There’s lots of good practice happening around the Pacific, and a key part of this conference is to be able to share that from one country to another,” Mr Stats said.
“The PRIF’s mandate is to promote the quality and the coverage of infrastructure in the Pacific.
“We all enjoy the services of infrastructure, but it needs to be designed and built somehow, and that’s where the private sector usually comes in.”
Now that the Pacific economy was recovering from the effects of COVID-19, Mr Stats said: “What we have to do is make sure that when the money is invested in terms of building new infrastructure, and importantly, maintaining existing infrastructure, that it’s done so effectively, and utilizing the local capacities that are in place.”
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