Suva, Fiji, October 3, 2019 – The New
Zealand Government has announced it will join Australia and IFC, a member
of the World Bank Group, in the Fiji Partnership, the first initiative
of its kind in the country designed to help spur economic growth, jobs
and private sector development in Fiji.
The announcement was made during a visit to Fiji by the New Zealand Minister
for Trade and Export Growth, David Parker.
The Fiji Partnership is a four-year program launched in 2016 with initial
funding from Australia. The Partnership has clear goals which include mobilizing
US$200 million in new private sector investment in Fiji, improving access
to infrastructure for 100,000 people, improve access to finance for people
and enterprises, and economically empowering women.
“The Fiji Partnership’s strategic priorities align well with
those of New Zealand, which is to focus on sustainable economic development,
which is reliant on strong private sector investment to create jobs and
opportunity,” the New Zealand Minister for Trade and Export Growth,
David Parker said. “We are looking forward to being part of this
Partnership and working with IFC and Australia in further developing Fiji’s
The minister said a key focus for New Zealand was helping to spur investment
policy reforms to encourage more investment in Fiji. With the aim of boosting
Fiji’s trade and competitiveness, IFC has been providing support through
the Partnership to help attract greater business investment and open new
markets for business and investors.
“The funding from the New Zealand
Government will help further our work in developing the private sector
and making Fiji more competitive, sustainable, inclusive and resilient,”
IFC Resident Representative
for Fiji, Kiribati, Samoa, Tonga and Tuvalu, Deva De Silva said. “With
the support of Australia, we’ve already seen positive results from the
Fiji Partnership by helping Fiji become the first developing nation in
the world to issue a sovereign green bond to finance projects to assist
the country adapt to a changing climate. We’ve
also been able to mobilize private sector investment to upgrade and vastly
expand health services at two public hospitals and are also working to
help bring in private sector investment to deliver climate resilient affordable
housing in Fiji.”
With the support of Australia and now with funding from New Zealand, IFC
will continue its work with
Fiji’s public and private sectors to support and grow micro, small and
medium-sized businesses (MSMEs), enhance Fiji’s trade and competitiveness,
and increase private sector investment including foreign direct investment
and investment in sustainable infrastructure solutions.
Fiji is New Zealand’s largest Pacific Island
trading partner, and the only country in the region to rank among
New Zealand’s top 20 trading partners.
New Zealand is a major supplier of services
to Fiji. New Zealand is also Fiji’s second largest tourist market, after
Australia, with New Zealanders making about 180,000 visits to Fiji each
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
where they are needed most. In fiscal year 2019, we delivered more than
$19 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org.
Under the Fiji Partnership, Australia and IFC are working together to stimulate
private sector investment, promote sustainable economic growth and reduce