Cook Islands Partner with ADB for $30 Million Development Loan
Deal News | Dec 18, 2024 | Asian Development Bank
The Asian Development Bank (ADB) and the Government of the Cook Islands have formalized a $30 million loan agreement focused on enhancing the fiscal resilience and sustainable development of the Cook Islands. Signed on December 18, 2024, at ADB's headquarters in Manila, this agreement marks a significant step for the Cook Islands under their Resilient Transformation Program. This initiative encompasses a $30 million policy-based concessional loan for the first phase within the fiscal year ending June 2025, with plans for a subsequent loan of equal value by fiscal year 2027. The program is designed to support the Cook Islands' strategic reforms for a robust public sector, environmental sustainability, and social development, including the formation of the country's inaugural sovereign wealth fund. Additionally, it aims to tackle labor shortages and support public and private sector growth by advancing environmental governance. The partnership features coordination with New Zealand and other development partners and reflects ADB’s commitment to fostering sustainable growth in the Asia-Pacific region.
Sectors
- Financial Services
- Public Sector Reform
- Environmental Management
Geography
- Cook Islands – The primary beneficiary of the loan from ADB, the Cook Islands, will use the funding to support economic and public sector reforms.
- Asia-Pacific – ADB is an institution focused on the development of Asia and the Pacific, and this agreement represents its commitment to supporting this region.
- New Zealand – New Zealand is mentioned as a development partner in the coordination of the plan execution, highlighting regional collaboration.
Industry
- Financial Services – This sector is highlighted by ADB's role as a provider of financial resources through a policy-based concessional loan to support economic and structural development.
- Public Sector Reform – The loan agreement aims to assist the Cook Islands in reforming and modernizing its public sector to enhance fiscal resilience and governance.
- Environmental Management – Part of the loan's purpose is to help implement reforms in environmental management, critical for achieving sustainable development.
Financials
- $30 million – The amount of the policy-based concessional loan agreement signed for the Cook Islands Resilient Transformation Program.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Asian Development Bank | Lender | Company | ADB provides financial backing and development support to the Cook Islands through a concessional loan, highlighting its role in regional development initiatives. |
| Government of the Cook Islands | Borrower | Government | Recipient of the ADB loan intended to undertake fiscal, environmental, and public sector reforms. |
| Llewellyn Roberts | Signatory | Person | ADB Alternate Executive Director signed the agreement on behalf of the Government of the Cook Islands. |
| Leah Gutierrez | Signatory | Person | ADB Director General for the Pacific, signed the agreement on behalf of ADB. |
| Government of New Zealand | Development Partner | Government | Collaborates with ADB in coordinating the implementation of the development program. |