, the bank’s president for East Asia and the Pacific, Manuela Ferro, also expressed concern about the “fragmentation” of development assistance amid the geopolitical competition among countries to build influence in the region.
“We have a portfolio of $US3 billion active in the Pacific. We see that continuing to grow over the next three years,” she said. Although China was “barely lending” for now, Ms Ferro said it was important to have recipient countries’ interests at heart. “We are engaged both with our client countries but also with China on how it can be a provider of finance to developing countries on terms and conditions that are helpful and consistent with a country’s ability to pay, so that most of the resources that are collected in taxes in these poorer countries can be directed to health, education, climate change adaptation instead of honouring expensive debt.
“What is also important is that new sources of finance are integrated ... so they do not work at cross purposes.”
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