News Column

Higher Education in the Pacific Investment Program - Tranche 1 (Additional Financing)

June 12, 2014



Approval: 14 May 2014 Project/Program Number : 42291-028 Status: Active Phase : Approved Approved Amount (thousand) : US$ 1,000 Sector/subsector classification: Not yet classified/ For Classification The asian development bank (adb) approved a multitranche financing facility (mff) to finance the higher education in the pacific investment program1 (the investment program) on 15 june 2012. the investment program will support the university of the south pacific (usp) in expanding access to higher education in its 12 member pacific island countries by improving physical environments and learning programs. improved access to quality higher education at usp will contribute to human resource and skills development in the pacific. this will help increase productivity and promote diversification of the region s economy. the loan of $2.6 million for project 1 (tranche 1) under the investment program was signed on 19 june 2012 and declared effective on 10 october 2012. the usp has requested additional financing of $1.0 million from the overall mff envelope for project 1 for use in the construction of usp s kiribati campus which revealed cost overruns during the civil works bid process.2 project 1 has been delayed due to bids exceeding the original budget of $1.9 million for civil works. with adb s concurrence, usp (the executing agency) negotiated with the lowest evaluated bidder using substitution of materials without compromising or altering the original purpose of the building. the negotiated bid amounted to approximately $2.9 million for civil works. the usp secured an additional guarantee of $1.0 million from the government of kiribati for the additional financing.

Project completion date : 2016-06-30 12:00:00

Major organization : ASIAN DEVELOPMENT BANK (ADB)

Address : 6 ADB Avenue, Mandaluyong City 1550, Philippineshttp://www.adb.org/ Pacific Department Urban, Social Development & Public Management Division, PARD Attn: Chimi Thonden (cthonden@adb.org)



Country :Philippines

Financier : Asian Development Bank (ADB)


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Source: TendersInfo (India)


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