From left: Carlos Felipe Jaramillo, World Bank Vice President for East Asia and Pacific, Sarvesh Suri, IFC Regional Vice President for Asia and the Pacific, Pierre Tastet, BRED Bank (Fiji) Chief Executive Officer and Gallina Vincelette, World Bank Vice President for Operations Policy and Country Services
Suva, February 27, 2026 — The International Finance Corporation (IFC), a member of the World Bank Group focused on the private sector, today announced a partnership with BRED Bank (Fiji) Pte Limited to support growth and job creation in Fiji by helping small and medium enterprises (SMEs) access finance.
SMEs are vital engines of economic growth and job creation in Fiji. But many struggle to access the capital they need to grow, hire, innovate and fully contribute to the economy.
To support Fiji’s crucial SME sector, IFC will provide an unfunded risk-sharing facility to BRED Bank (Fiji), with a maximum IFC risk amount of FJD13.5 million ($6 million) under IFC’s Small Loan Guarantee Program. The investment, which is supported by the International Development Association’s (IDA) Private Sector Window, will enable BRED Bank (Fiji) to extend new loans to SMEs to build a portfolio of up to FJD27 million ($12 million). IFC will also provide advisory services to help BRED Bank (Fiji) scale up its commercial lending.
IFC estimates that the expanded lending will generate an economy-wide impact in Fiji, driving job creation directly within businesses and indirectly through their supply chains and wider economic activity. In particular, this partnership will enable BRED Bank (Fiji) to increase lending to rural SMEs, including those in outer islands and remote inland communities where banking infrastructure is limited. In addition to facing an acute financing gap, these rural SMEs are typically in labor-intensive sectors including agriculture, fisheries, and small-scale tourism. Better access to finance will enable them to grow and add more employees.
“With a strong and growing presence in Fiji, BRED Bank is well positioned to support the expansion and resilience of our SME sector. BRED’s long-standing global partnership with the IFC reflects a shared commitment to sustainable growth. This collaboration not only strengthens our ability to extend financing, but also reinforces our relationship-driven approach, bringing tailored solutions closer to local businesses and supporting the entrepreneurs who are vital to Fiji’s economic future,” said Pierre Tastet, CEO of BRED Bank (Fiji).”
“Small and medium enterprises in Fiji face many constraints on their ability to raise capital, which prevents them from playing a full role in the economy,” said Sarvesh Suri IFC’s Regional Vice President for Asia and the Pacific. “With this facility IFC aims to help close Fiji’s financing gap and support these vibrant businesses to create more jobs and growth.”
This announcement builds on longstanding support from the governments of Australia and New Zealand, whose partnership with IFC has helped strengthen Fiji’s private sector and deepen financial markets across the Pacific.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About the IDA Private Sector Window
The International Development Association’s Private Sector Window (IDA PSW) was launched in 2017 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in creating jobs and promoting economic transformation, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by the World Bank Group’s International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the Bank Group’s other tools are insufficient. For more information, visit: https://ida.worldbank.org/en/financing/ida-private-sector-window
About BRED Bank (Fiji) Pte Limited
BRED Bank (Fiji) Pte Limited is an "A" rated Bank, 90% owned by BRED Group and 10% owned by BCI New Caledonia, a member of the BPCE Group, the second largest banking group in France. With 100,000 employees, it serves 35 million customers worldwide, including individuals, professionals, businesses, investors and local authorities. Since its establishment in Fiji, the bank has been leading innovation in the banking industry and is committed to providing financial solutions tailored to individuals, businesses, and organizations across the country. BRED Bank also has subsidiaries in New Caledonia, Vanuatu, Fiji and Solomon Islands. For more information, visit: https://bred.com.fj/, https://www.bred.fr
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