The grant, made by the ADB board of directors on January 25, 2018, completes the funding required for the $79.5 million project and comes only three months after the decision by the United Nations Green Climate Fund to contribute $26.9 million.
The balance will be funded by the Governments of Nauru and Australia.
Minister for Finance David Adeang has thanked the ADB and called it a wonderful and exciting day for Nauru.
“Due to our remoteness and size, we rely so much on shipping, and the current port is inadequate, expensive and dangerous,” he said.
“This will boost business, save money, create jobs, grow our economy, open up trade and benefit all Nauruans.”
Mr Adeang said the port funding has been a priority for the Waqa Government since it was elected in 2013 and is yet another example of the progress Nauru is making.
“We have met many times with the ADB and they have always been a wonderful partner. We thank them for believing in Nauru.”
He said the Government’s focus on the economy and international connections continues to benefit the nation.
“Nauruans are more prosperous now than they were five years ago, and this is a direct result of this government making the decision not to go down the reckless path of previous governments, but instead placing an emphasis on being fiscally responsible.
“The international community has recognised this, and the country as a whole is reaping the benefits.”
Photo file. Caption Aiwo port