The Asian Development Bank (ADB) has approved an additional US$2.87 million assistance for the Port Vila Urban Development Project to further help Vanuatu achieve sustainable urban development through improved access to sanitation, drainage facilities, and roads.
A grant agreement for the additional financing was signed in a ceremony in Port Vila today, attended by Jean Pierre Nirua, Vanuatu’s Education Minister and Acting Minister of Finance and Economic Management, and Nancy Wells, Senior Country Coordination Officer of ADB’s Extended Mission in Vanuatu. [restrict]
The US$2.87 million grant will be provided by the Global Environment Facility(GEF).
“The extra funds will help strengthen climate change resilience and disaster preparedness in Port Vila,” said ADB’s Nancy Wells. “Increasing the design standard for the project’s drainage and preparing catchment management plans following sustainable urban drainage principles are part of this plan.”
Port Vila is the commercial and tourist center of the country, generating almost two thirds of national GDP. The poor state of the capital’s drainage, road, and sanitation infrastructure are negatively impacting Vanuatu’s ability to attract and retain commercial and tourist related investment. The infrastructure’s current deteriorating condition is also raising concerns regarding public health, environmental degradation, and poorer quality of life for Port Vila residents and visitors.
“The cofinanced project, managed by the Government of Vanuatu through the Vanuatu Project Management Unit (VPMU) and funded by grants from the Government of Australia and the Global Environment Facility — a loan from the ADB and a grant contribution from the government — will help the country achieve sustainable urban development through improved services in Port Vila,” said Nirua at the ceremony.
The project will help address the increasing urbanisation that is putting unprecedented pressure on infrastructure and is contributing to sustainable development in Port Vila in close coordination with other major projects underway in the national capital including the Port Vila Lapetasi International Multi-Purpose Wharf Development Project, the Vanuatu Interisland Shipping Support Project, and the Vanuatu Tourism Infrastructure Project all which will support Port Vila as a vibrant and attractive economic hub of the Pacific. SOURCE: ADB/PACNEWS [/restrict]
ICB Bank and Pangea Foundation to cooperate on a password-based financial services business June 14, 2019 - Palau ICB Bank will launch new financial services based on the Pangea Foundation and cryptography promote business. ICB Bank on Thursday, the cryptographic currency foundation Pangea (PAN) and block chain-based cryptography and signed business agreement to promote the financial services business. ICB Bank uses the Pangea Foundation's password currency 'Pangea' to combine financial services. We plan to jointly promote various Pin Tech businesses. In particular, ICB Bank is working with Pangea Foundation. ICB Bank promote issuance of visa cards and master cards based on cryptography. The company is releasing debit cards that can be settled as collateral. If a Visa or Master Card is actually issued, payment will be made in everyday life anywhere in the world. It is becomes possible, consumers can use the Visa/Master Card on-line merchant's Bitcoin, Ethereum. The bank, a financial institution works with the Cryptographic Fund to provide financial services that can be applied in everyday life. The roll out is expected to be the first in the block chain pin tech industry. An official from the Pangea Foundation said, "Working with the bank, in the future, global credit card companies and we will expand services to Eurpoe, Latin America and other countries in connection with possible banks." he said. On the other hand, Cryptography Pangea (PAN) is an ERC20-based token used for remittance and payment. Adds a centralize authentication agreement to decentralized lenders technology for faster transaction rates. Billing platform at the same time. Currently, Indonesia, Vietnam, Uzbekistan, Europe, etc. and the Cryptographic Exchange of eight countries in Southeast Asia and Latin America.