Solomon Islands Granted $25.45M for Climate-Resilient Water Infrastructure by Asian Development Bank
Deal News | Dec 11, 2024 | Asian Development Bank
The Asian Development Bank (ADB) has approved a grant of $25.45 million for the Solomon Islands, aimed at developing sustainable and climate-resilient water supply and sanitation services. This funding represents the second additional financing installment and is sourced from the Asian Development Fund, which assists ADB's poorest and most vulnerable developing member countries. The initiative is part of the Urban Water Supply and Sanitation Sector Project, which seeks to enhance water access, hygiene awareness, and fecal sludge management in urban areas of the Solomon Islands, including Greater Honiara and other towns such as Auki and Gizo. The financial boost addresses cost overruns attributed to rising goods and works costs since March 2020. The project’s total funding amounts to $125 million, contributed by ADB alongside partners like the World Bank and European Union. ADB continues its mission to promote sustainable and equitable growth in the Asia-Pacific region.
Sectors
- Infrastructure
- Environmental Services
- Development Finance
Geography
- Solomon Islands – The recipient of the financial support for the water and sanitation project, focusing on urban development in the region.
- Asia and the Pacific – The broader geographical scope of the Asian Development Bank's operations and its member countries' focus.
Industry
- Infrastructure – The article discusses investment in infrastructure projects, specifically in water supply and sanitation services in the Solomon Islands.
- Environmental Services – The focus on climate-resilient and sustainable water management links the article to the environmental services industry.
- Development Finance – With the involvement of the Asian Development Bank and other financial organizations, the article is relevant to the development finance sector which funds projects in developing regions.
Financials
- $25.45 million – The grant amount approved by the Asian Development Bank for the Solomon Islands water and sanitation project.
- $125 million – The total funding amount for the Urban Water Supply and Sanitation Sector Project, including contributions from various financial partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Asian Development Bank | Funding Provider | Company | A regional development bank aiming to promote social and economic development in Asia. |
| Solomon Islands Government | Target | Government | Receives funding for developing urban water supply and sanitation infrastructure. |
| World Bank | Funding Partner | Company | An international financial institution that provides loans and grants for development projects. |
| Global Environment Facility | Funding Partner | Company | A financial mechanism that provides grant funding to address global environmental issues. |
| European Union | Funding Partner | Government | A political and economic union that co-finances development projects internationally. |
| Shane Rosenthal | Regional Director | Person | The ADB Pacific Liaison and Coordination Office Regional Director providing insights on the project. |