NZ to join Australia and IFC to boost Fiji private sector
New Zealand to join Australia and IFC to boost private sector development in Fiji
Suva, Fiji, October 3, 2019 – The New Zealand Government has announced it will join Australia and IFC, a member of the World Bank Group, in the Fiji Partnership, the first initiative of its kind in the country designed to help spur economic growth, jobs and private sector development in Fiji.
The announcement was made during a visit to Fiji by the New Zealand Minister for Trade and Export Growth, David Parker.
The Fiji Partnership is a four-year program launched in 2016 with initial funding from Australia. The Partnership has clear goals which include mobilizing US$200 million in new private sector investment in Fiji, improving access to infrastructure for 100,000 people, improve access to finance for people and enterprises, and economically empowering women.
“The Fiji Partnership’s strategic priorities align well with those of New Zealand, which is to focus on sustainable economic development, which is reliant on strong private sector investment to create jobs and opportunity,” the New Zealand Minister for Trade and Export Growth, David Parker said. “We are looking forward to being part of this Partnership and working with IFC and Australia in further developing Fiji’s private sector.”
The minister said a key focus for New Zealand was helping to spur investment policy reforms to encourage more investment in Fiji. With the aim of boosting Fiji’s trade and competitiveness, IFC has been providing support through the Partnership to help attract greater business investment and open new markets for business and investors.
“The funding from the New Zealand Government will help further our work in developing the private sector and making Fiji more competitive, sustainable, inclusive and resilient,” IFC Resident Representative for Fiji, Kiribati, Samoa, Tonga and Tuvalu, Deva De Silva said. “With the support of Australia, we’ve already seen positive results from the Fiji Partnership by helping Fiji become the first developing nation in the world to issue a sovereign green bond to finance projects to assist the country adapt to a changing climate. We’ve also been able to mobilize private sector investment to upgrade and vastly expand health services at two public hospitals and are also working to help bring in private sector investment to deliver climate resilient affordable housing in Fiji.”
With the support of Australia and now with funding from New Zealand, IFC will continue its 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.
Fiji is New Zealand’s largest Pacific Island trading partner, and the only country in the region to rank among New Zealand’s top 20 trading partners.
New Zealand is a major supplier of services to Fiji. New Zealand is also Fiji’s second largest tourist market, after Australia, with New Zealanders making about 180,000 visits to Fiji each year
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.