IFC’s work in Papua New Guinea is focused on spurring private sector investments to help create new markets and jobs to diversify the economy away from its over-reliance on the extractives industry, a key challenge facing the country.
Some highlights of IFC’s work to date include:
- Through Lighting PNG more than 1.8 million people – or 22% of the population – are now benefitting from access to solar lights and mobile phone charging for the first time.
- As part of efforts to expand access to affordable, clean energy IFC is also working with PNG Power to trial a grid connected solar power program for business in the capital Port Moresby.
- IFC has partnered with PNG’s Tourism Promotion Authority on an international visitor survey and a tourism demand assessment, which identified five high value niche tourism markets for potential growth. Through its advisory services, IFC has also been working with local tourism operators in PNG as well as cruise and other tourism companies. IFC is also partnering with the World Bank to help spur tourism development in East New Britain and Milne Bay, in line with the government of PNG’s strategic focus.
- IFC has worked with client, Tininga, a local fresh produce wholesaler in Mt Hagan to increase its processing capability and improve the reliability and quality of its fresh produce from farmers in the Western Highlands. Through use of new technology, training and supplies, more than 1000 farmers have benefitted, and the company has increased its processing capabilities resulting in more fresh produce transported to consumers in the capital and beyond.
- At the request of business, IFC set up the Business Coalition for Women (BCFW) in PNG, now operating as an entity in its own right. With more than 60 leading companies, BCFW provides tools and resources such as leadership courses, gender smart safety audits and a model policy for addressing family and sexual violence in the workplace. To date, 47 businesses implemented 68 policies and practices, benefitting 50,000 employees.
- With IFC support, PNG’s largest catering company, NCS Holdings became the first company in the Pacific to receive the world’s leading gender equality workplace certification – EDGE.
- IFC is supporting the government with projects aimed at enhancing the regulatory environment in key areas - taxation and capital markets. The projects will help more than 11,200 firms formalize their businesses and lodge tax returns regularly. IFC has also been working behind the scenes on modernizing both the corporate and government bond markets, with the aim of helping business access short and long-term funding.