Australia's investments in private sector development in Fiji work on two levels.
At the policy/regulatory level, Australia supports a range of structural and regulatory reforms that have been prioritised by the Fiji Government. We do this by investing in programs that are designed to strengthen economic regulations. They also seek to advance broader public sector reforms to improve performance and accountability. Through these programs we are improving the enabling environment for the private sector. We are helping to provide greater certainty and clarity of regulation so that business can invest more and we are increasing access to low-cost inputs through more competitive markets.
At a micro level we work directly with business and industry groups to stimulate investment and trade, and to create economic opportunities for the poor, particularly in the tourism, agriculture and agri-business sectors.
Institutional Partnerships Program (IPP)
Up to $16 million, 2015-2019
This program aims to improve the regulatory environment for the private sector and help build a stronger Fijian public sector with a focus on economic governance, public sector reform and strengthening institutions such as Parliament and the Fijian Elections Office.
Market Development Facility (MDF)
Up to $8.8 million, 2014-2017 (this represents the Fiji Bilateral contribution to overall DFAT funding of $27 million to the MDF Program)
The MDF is focused on reducing poverty by stimulating economic growth. It works through partnerships with the private and public sector to identify and develop new products and services or new ways of doing business that provide increased income and employment opportunities for poorer populations. The MDF shares the risk of investment to turn local opportunities into realities.
The MDF has partnered with the private sector on a number of new initiatives for Fiji and the region, including local production of agricultural lime, establishment of the first large scale mud-crab farm outside of South-East Asia and the export of the first kava-based supplement drink.
For more information see the Market Development Facility website.
DFAT-IFC partnership: supporting private sector development
Up to $12 million 2016-2020
This new program is designed to support Fiji's private sector development and economic growth. It aims to help the Fiji Government achieve its economic development priorities by: (i) supporting micro-, small- and medium-sized businesses; (ii) enhancing Fiji's trade capacity and competiveness; and (iii) increasing private sector and foreign direct investment. The partnership aims to mobilise US$275 million in new private sector investment as a result of IFC interventions; provide 10,000 women with improved business opportunities; and give 500 micro- and small- businesses improved access to financial services.
Pacific Financial Inclusion Program (PFIP)—Phase 2
Up to $5 million, 2014-2019 (this represents the Fiji Bilateral contribution to the overall $14 million DFAT funding to the PFIP Program)
The PFIP aims to ensure that the poor have access to banking and financial services and increased knowledge and understanding of financial information. The Fiji program has supported PFIP to work with the Ministry of Education to mainstream financial education throughout the school curriculum, targeting all school children in Fiji. The PFIP program has also supported innovation in financial products and new business models by the private sector, including the introduction of mobile money, in-store banking and micro-insurance pilots.
For more information see the Pacific Financial Inclusion Program website.