A-G: Private sector investment needed to boost Blue/Green growth
Attorney-General and Minister for Climate Change, Aiyaz Sayed-Khaiyum has emphasised the need for more private sector investment in the Pacific to accelerate a blue and green recovery.
He made the point during a virtual meeting of the 54th annual meeting of the ADB Board of Governors held from May 3 to 5, 2021.
The meeting was with other Pacific Island member countries who are part of the Pacific Development Member Countries (DMC) Governors and Asian Development Bank Management meeting. Mr Sayed-Khaiyum also put a spotlight on the consideration for a reclassification of all small island developing states including those that only access ordinary capital resources.
“They are to be given access to concessional resources regardless of income classification, given the extreme climate vulnerabilities and financial structural barriers, as exposed by COVID-19 most recently, and which are uniquely faced by small island developing states,” Mr Sayed-Khaiyum said. Chair and Premier of Niue, Dalton Tagelagi saluted the leadership of ADB over the past challenging year.
“The road to recovery calls for even greater commitment to ensure a green, resilient, and inclusive economic recovery and we must not lose sight that climate change remains the single greatest threat to the livelihoods, security and wellbeing of the peoples of the Blue Pacific,” Mr Tagelagi said.
“We expect that these will help ADB deliver new ways of working in the Pacific, including capitalising on regional cooperation and integration, and give better recognition of the challenges and opportunities to meet our specific development needs,” he said.
The virtual meeting included representatives from the various member countries namely the Cook Islands, Federated States of Micronesia, Republic of Fiji, Republic of Kiribati, Republic of Marshall Islands, Republic of Nauru, Niue, Papua New Guinea, Republic of Palau, Samoa, Solomon Islands, Kingdom of Tonga, Tuvalu and Republic of Vanuatu.