A cooperation agreement signed with the Solomon Islands government will allow IFC to expand its operation, attract more investors to the country, and strengthen its private sector to create jobs and improve the livelihoods of its people.
IFC has agreed to lend $10 million to SolTuna Ltd., a tuna processor in Solomon Islands, to help the nation retain a greater share of its tuna revenues. With IFC’s help, Pacific nations will soon begin to benefit more from the $4.5 billion a year
In an op-ed in Solomon Star News, Gavin Murray and Franz Drees-Gross write that "TODAY is International Women’s Day, and a perfect time to reflect on why it is so important to promote gender equality in the Pacific."
IFC Vice President for Asia-Pacific Karin Finkelston, U.S. Secretary of State Hillary Clinton and other Pacific island leaders all threw their weight behind the push for greater gender equality in the Pacific at an annual regional meeting in the Cook
IFC supports businesses in the Solomon Islands through investments and advisory services that help create jobs and stimulate sustainable development. Our focus areas include:
Creating an environment where the private sector, in particular micro, small, and medium enterprises, can flourish and generate jobs.
Building basic infrastructure to give people access to reliable services, such as electricity
Improving supply-chain linkages to increase the participation of local companies in the natural resource and agribusiness sectors
Improving the Investment Climate and Providing Essential Infrastructure Services
IFC advises the government on developing business-friendly laws and regulations – cutting red tape, increasing competition, and creating an environment in which entrepreneurs can thrive. We have brought together members of the business community and the government to identify and resolve barriers to doing business, particularly in the tourism sector. To help businesses involved in disputes save time and money, we assisted the High Courts in introducing mediation services and training mediators. Streamlining tax procedures for small businesses is a focus for us going forward.
Only 10 percent of people on the Solomon Islands have access to electricity, and the country relies heavily on polluting fossil fuels for power generation. To improve services, IFC is advising the government on partnering with the private sector to deliver hydropower, which will provide clean and reliable energy to over half of the country’s population.
Creating Opportunities for Small Businesses to Participate in Global Supply Chains
Making sure communities benefit from the growth in the resource sector, as well as maximizing local participation to create jobs in areas such as fisheries are two core aspect of IFC’s work. By seeking opportunities to help small, local firms provide supplies and products to companies involved in mining, fisheries, and agriculture, we are helping spread the economic benefits more broadly in the community.