ADB, Cook Islands Sign $30 Million Loan for Sustainable, Resilient and Inclusive Development – EQ
In Short : ADB and the Cook Islands have signed a $30 million loan agreement to support sustainable, resilient, and inclusive development. The funding aims to strengthen infrastructure, enhance climate resilience, and promote economic growth, ensuring long-term benefits for the islands’ communities and environment.
In Detail : MANILA, PHILIPPINES — The Asian Development Bank (ADB) and the Government of the Cook Islands have signed a $30 million loan agreement to support the Cook Islands in building resilience and spur sustainable growth.
The agreements were signed at ADB Headquarters in Manila by ADB Alternate Executive Director Llewellyn Roberts, on behalf of the Government of the Cook Islands, and ADB Director General for the Pacific Leah Gutierrez.
The Cook Islands Resilient Transformation Program comprises a $30 million policy-based concessional loan for subprogram 1 in fiscal year 2025 (ending on June 2025) and a proposed $30 million policy-based concessional loan for subprogram 2 in fiscal year 2027.
The program is supporting the Cook Islands in accelerating reforms to support fiscal resilience and developing a fit-for-purpose modern public sector, including the development of the Cook Islands’ first sovereign wealth fund.
The program also supports the country’s efforts to promote a healthy and sustainable population, contributing to human capital development and mitigating labor shortages; key constraints facing public and private sector development; and boost reforms to improve environmental management and governance.
“ADB commends the Government of Cook Islands ambitious reform agenda,” said Ms. Gutierrez. “The program will enable the Cook Islands to access highly concessional financing under ADB’s new lending terms for small island developing states while also supporting reforms to build resilience. This includes reforms to adapt to critical challenges in the public sector, labor market, and in relation to environmental management.”
ADB closely coordinates program design and implementation with the Government of New Zealand and other development partners.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
