The FINANCIAL — The Government of Australia and the Asian Development Bank (ADB) have established the Pacific Business Investment Facility—an advisory service for Pacific island businesses requiring commercial finance for growth, diversification, or consolidation of their businesses.
Based at ADB’s Pacific Liaison and Coordination Office in Sydney, the Pacific Business Investment Facility team provides expert advice and works directly with established Pacific businesses to help them secure financing. Australia will provide up to $A15 million to the facility which works exclusively with the private sector, according to ADB.
“The Pacific Business Investment Facility is for eligible Pacific businesses that have plans for expansion,” said Regional Director of ADB’s Sydney office, Andrea Iffland. “We are delighted to be partnering with Australia on this important initiative that will foster private sector growth in the Pacific region and increase much needed job opportunities.”
The facility provides guidance and assistance to secure commercial finance; tailored business advisory services; support to develop or refine business plans, and marketing and financial management support.
Businesses in all industry sectors are considered, with support already provided to over 30 companies including fish exporters, food processors, manufacturers, textile operators, and tourism resorts in a number of countries in the region.
The Pacific Business Investment Facility is a regional technical assistance initiative. It will operate in the Cook Islands, Fiji, Kiribati, the Marshall Islands, the Federated States of Micronesia, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.