SYDNEY, AUSTRALIA (15 February 2016) – A significant and increasing number of reforms supported by the Pacific Private Sector Development Initiative (PSDI) are resulting in legislative and structural changes that encourage investment and entrepreneurship across the region, according to PSDI’s Annual Progress Report 2014-2015 released today.
An extended chapter also details how PSDI’s ‘financing growth’ activities have helped improve funding for Pacific businesses, including through the creation of secured transactions frameworks, which facilitate lending using moveable property as security, in Federated States of Micronesia, Palau, the Marshall Islands and three other countries.
Requests for PSDI assistance continued to grow during the reporting period. The initiative’s competition program expanded into five new countries, and in Fiji all five of PSDI’s core work areas began targeted support activities. Meanwhile, four pilot projects were initiated in PNG, Solomon Islands and Tonga under PSDI’s economic empowerment of women program.
“PSDI’s achievements and the expansion of support outlined in this report illustrate the effectiveness of this initiative and its appropriateness for the Pacific,” said Andrea Iffland, Regional Director of the Asian Development Bank Pacific Liaison and Coordination Office. “With continued commitment from Pacific governments and our partners, there is enormous potential to build on this work and develop private sectors geared to sustainable, inclusive growth.”