World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Pacific Islanders to Benefit from Australian Help

More Pacific Islanders to Benefit from Australian Support for Microfinance

Last week, Australia’s Parliamentary Secretary for International Development Assistance, Hon Bob McMullan MP, announced that Australia would provide AUD2 million (around SBD13.5 million) over the next three years for the Pacific Financial Inclusion Program (PFIP) to help increase access to financial services among low income, rural and remote households in Pacific Island communities.

PFIP is a Pacific-wide program helping provide sustainable financial services to low income and rural households. It was established in 2008 with funding from the United Nations Capital Development Fund, European Union and the United Nations Development Programme.

The Program works with microfinance institutions and financial service providers to help them deliver better quality services to more people, including the poor, many of whom have not had access to banking before.

Access to microfinance and banking services, including savings and deposit services, credit and loans and insurance services is increasingly being seen as important to reducing poverty and achieving the Millennium Development Goals. Greater access to banking services also allows for more cost effective remittance flows to Pacific households from places like Australia and New Zealand.

'I have been impressed with the support provided already through this Program to increase Pacific Islanders' access to financial services, such as savings, credit and money transfers,' Parliamentary Secretary for International Development Assistance Bob McMullan said.

'Australia's support for this Program demonstrates our commitment to help broaden access to financial services across the Pacific,' Mr McMullan said.

Australia's assistance for the Program is consistent with the 2009 Cairns Compact on Strengthening Development Coordination in the Pacific, which recognises that private sector-led growth is essential to development progress, and notes that donors should encourage the private sector, including through microfinance.

ENDS

© Scoop Media

 
 
 
World Headlines

 

Gordon Campbell: On The Hong Kong Protest Movement

The pro-democracy protests enjoy huge support among Hong Kong’s youth, partly because the democratic systems currently at risk have only a limited time span. More>>

ALSO:

Pacific Island Forum: Australia v Everyone Else On Climate Action

Traditionally, communiques capture the consensus reached at the meeting. In this case, the division on display between Australia and the Pacific meant the only commitment is to commission yet another report into what action needs to be taken. More>>

ALSO:

For NZ, It Was May 6: Earth Overshoot Day 2019 Is The Earliest Ever

Humanity is currently using nature 1.75 times faster than our planet’s ecosystems can regenerate. This is akin to using 1.75 Earths... More>>

ALSO:

Asylum: More Manus Refugees Fly To US But Hundreds Still In Limbo

“The US deal was never going to provide enough places for the refugees Australia has held on Manus and Nauru. There are over 1800 refugees needing resettlement,” said Ian Rintoul, spokesperson for the Refugee Action Coalition. More>>

ALSO: