India offers $100 million for infrastructure fund to Papua New Guinea

In a bid to strengthen bilateral ties and ensure energy security, India has offered a $100 million line of credit for infrastructure development to Papua New Guinea and has agreed to jointly develop new avenues of cooperation to explore and develop the latter’s vast oil and gas resources. Both countries are expected to execute projects through joint ventures (JVs) (with Indian public and private sector investment in new and existing projects) to develop oil and gas resources in Papua New Guinea.