IFC, the Government of Australia Join Forces to Boost Private Sector Growth in Fiji.
— By International Finance Corporation
Suva, Fiji, May 25, 2017— IFC, a member of the World Bank Group, and the Australian Government announced today the launch of the Fiji Partnership—the first initiative of its kind in Fiji to support economic growth and poverty reduction through private sector development.
The four-year, US$9.0 million (approximately FJ$19.0 million) program, funded by the Australian Government, was launched by Australia’s High Commissioner to Fiji, Her Excellency Margaret Twomey and IFC’s Director for East Asia and the Pacific, Mr. Vivek Pathak. Representatives of the Government of Fiji, senior staff from the Australian High Commission and IFC, development agency representatives, and local private sector representatives also participated in the launch.
“Australia’s partnership with IFC has enabled many businesses across the Pacific to expand operations, become sustainable, enter new markets and maximize trade opportunities. We are looking forward to work with IFC on this first country-specific program focused on expanding the role of the private sector in Fiji, enabling the country to become more competitive to deliver sustainable economic opportunities to its citizens,” said Ms. Twomey.
The partnership envisages close collaboration and coordination with the Government of Fiji to support its ongoing reform agenda to enhance the business enabling environment for private sector led growth, by mobilizing and leveraging global expertise of the World Bank Group.
“IFC has scaled up its operations across the Pacific significantly supporting infrastructure projects, financial institutions, as well as manufacturing and services companies, committing in excess of US$550 million worth of investments from IFC’s own capital over the past decade. Based on our track record we believe we can help Fiji create markets that are competitive, sustainable, inclusive, and resilient and deliver meaningful development impact in Fiji as it taps into further opportunities for growth and expansion across the Pacific region,” said Mr. Pathak.
The IFC will work with Fiji’s public and private sectors to support and grow micro, small and medium-sized businesses (MSMEs), enhance Fiji’s trade and competitiveness, and increase private sector investment including foreign direct investment and investment in sustainable infrastructure solutions. At the end of the four years, the program aims to have stimulated an additional US$200 million in new private investment into Fiji, 500 MSMEs with improved access to financial services, and 100,000 people with better access to infrastructure.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org
About DFAT-IFC Fiji Partnership
Through the DFAC-IFC Fiji Partnership Australia and IFC are working together to stimulate private sector investment, promote sustainable economic growth and reduce poverty in the Pacific.