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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news