Private sector, tuna and tourism key focus for IFC


IFC’s Pacific head, Thomas Jacobs yesterday met with Deputy Prime Minister, Manasseh Sogavare.

IFC the International Finance Corporation, a sister organisation 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.

The government’s meeting yesterday with IFC is focused on the private sector as well as IFC’s support for the tuna industry and efforts to boost tourism.

Last year in November 2017, IFC has signed a Memorandum of Understanding (MoU) with the Ministry of Culture and Tourism that aims to for a broader tourism programme in the country to boost tourist arrivals, generate tourism-related revenue, draw investments and create jobs.

Also in the tuna industry, in August 2017 IFC lends $10 million to National Fisheries Development (NFD) Limited to support sustainable tuna production and employment in the Solomon Islands.

The loan to NFD is IFC’s second investment support to the tuna industry in the country. The first being a $9 million loan provided to Soltuna Limited, NFD’s sister company.

This past week, the IFC’s Pacific head had been spent his visit on meetings with the government, business, and women.

His key focus is on IFC’s support for women in business, moves to boost the tuna industry and moves to spur tourism in the Western Province.

IFC’s work in the Pacific is guided by the Pacific Partnership. Australia, New Zealand and IFC are working together through the Pacific Partnership to stimulate private sector investment and reduce poverty in the Pacific.

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