MEDIA RELEASE
Released By:
Downer
Australia will provide up to $22.5 million over six years for two programs to encourage private sector development in the Pacific and East Timor.
Economic growth is essential for reducing the poverty and unemployment in the Pacific. This initiative will promote enterprise, investment and growth by addressing the impediments to private sector development.
The funding will help improve the institutional, legal and regulatory environment through working with the World Bank's International Finance Corporation, the Asian Development Bank and partners.
An increased Australian financial commitment of $12.5 million over six years will enable the International Finance Corporation's Pacific Enterprise Development Facility to expand its operations and open offices in East Timor and Papua New Guinea.
The facility will work to improve the business environment for small and medium sized enterprises in the Pacific through targeted programs of technical assistance, covering access to finance, tourism, the business enabling environment and rural export development.
Australia will also contribute up to $10 million over five years to the Asian Development Bank's proposed Private Sector Development Initiative in the Pacific and East Timor.
Australia and the Asian Development Bank enjoy a strong and cooperative partnership in the Pacific region and we look forward to enhancing this relationship in the area of private sector development.
The Australian Agency for International Development (AusAID) will work with these and other development partners to ensure that there is coherent, coordinated and demand-driven assistance to the Pacific region on private sector development.
Media contacts:
Chris Kenny (Mr Downer's office) 0419 206 890
AusAID (Public Affairs): 0417 680 590