Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


IFC Expands Operation in Solomon Islands

IFC Expands Operation in Solomon Islands to Boost Private Sector Investment, Create Jobs

Honiara, the Solomon Islands, February 12, 2014—IFC, a member of the World Bank Group, has signed a cooperation agreement with the Solomon Islands government to expand IFC’s operation, attract more investors to the country, and strengthen its private sector to create jobs and improve the livelihoods of its people.

IFC has had a small presence in the Solomon Islands since 2010. Under the new agreement, it will maintain a permanent office with four staff to be based in Honiara, including Country Resident Representative, Seva Payevskiy. He oversees IFC’s operations, including support for small and medium enterprises and generating new investments in key sectors including energy, fisheries, and tourism.

“The private sector makes up 80 per cent of Solomon Islands economy through small, medium and large business enterprise; it is also commonly described as the engine room of our economy,” said Clay Forau, Minister for Foreign Affairs and External Trade. “IFC’s commitment towards the development of our private productive sector is crucial and warmly welcomed.”

Last year, IFC invested $10 million in SolTuna Ltd., a tuna processor in the Solomon Islands, to help the company expand its facilities in Noro, Western Province. The expansion is expected to create an additional 500 jobs, allowing the local women and economy to benefit more from the income generated by the tuna industry, which is vital to the Solomon Islands’ economy.

“IFC is scaling up its Pacific operations and we have already begun to see transformation take place in places like the Solomon Islands,” said IFC Regional Manager for the Pacific, Gavin Murray. “With this agreement, we will focus our attention on helping the Solomon Islands take further advantage of its valuable natural resources while growing local businesses, creating jobs, and improving the skills of women.”

IFC is located in the World Bank Group headquarters, Mud Alley, Honiara.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news