IFC is helping Papua New Guinea take the plunge into online government services by putting its business registration system online, which will make life easier for small businesses and improve transparency and access to information.
IFC worked with global communications company Digicel to develop solar mobile-phone charging stations that harness the power of Papua New Guinea’s ever-present sunshine to simultaneously charge up to 20 phones, while also providing street lighting.
IFC has a strong relationship with Ecom through its Investment and Advisory Services. IFC and Ecom worked together in Central America to strengthen farmers' coffee-growing practices and now expand the success of the program in other coffee-producing
Following the 2008 devastating earthquake in western China, IFC initiated an Emergency Assistance Program to enhance Bank of Deyang's capacity to lend to SMEs and enable it to support women-owned SMEs in the earthquake-affected areas, through both it
Only three in 10 people in developing countries in East Asia and the Pacific save money in banks, a World Bank study shows. But mobile phones are now changing the way low-income households and rural entrepreneurs keep, send, and receive money.
IFC supports small and medium enterprises and larger firms in Papua New Guinea through innovative investments and advisory services that help create jobs, expand services, and improve livelihoods. We also work with government to create an investor-friendly environment to allow businesses to formalize easily and flourish. With over a third of the population in Papua New Guinea living in poverty, IFC has scaled up its effort to create opportunity by increasing our commitments from $1.2 million in 2006 to more than $200 million in 2012.
Increasing Access to Finance and Expanding Infrastructure
IFC invests in financial institutions and advises them on how to find innovative solutions to service those who are most in need, particularly small to midsize businesses and rural clients. Across Papua New Guinea, IFC is supporting local bank, BSP Rural, to develop mobile banking, providing farmers, small scale producers and rural women with a safe and secure way to transfer money.
We have also been instrumental in improving the telecom sector in Papua New Guinea with our investment in telecommunications company, Digicel, expanding services and creating business opportunities for entrepreneurs selling Digicel products. The increased telecommunications competition contributed to 0.7 percent growth in the country’s gross domestic product in 2008 according to the Papua New Guinea Treasury Department. Investing in infrastructure, as well as advising government on private sector participation in complex projects remains a key priority for IFC in Papua New Guinea.
Promoting Sustainable Businesses, Creating New Markets
IFC is strengthening the management skills of entrepreneurs and helping them raise production quality standards in Papua New Guinea. These initiatives allow small and midsize businesses to connect with new buyers and trading partners, as well as the supply demands of the booming resources sector. Coffee is vital to Papua New Guinea’s economy with more than one-third of the population living off the industry. We are helping farmers in this sector adopt sustainable farming practices to capture a greater share of the certified coffee market, increasing their productivity, quality, and income.
Improving the Investment Climate and Creating Opportunity for Women in Business
IFC advises government on developing business-friendly laws and regulations – increasing transparency, cutting red tape, and creating equal opportunities for all entrepreneurs, particularly women. We are helping government simplify tax, licensing and registration processes, making it easier for businesses to comply with the requirements. We also bring together the public and private sectors to address policies affecting businesses and have helped introduce an alternative dispute resolution program that is clearing the backlog of business-related disputes in court, saving businesses time and money.