IFC Beefs Up Microfinance in Pacific

A woman selling meri blouses in Papua New Guinea. The International Finance Corp. will help improve microfinance in Papua New Guinea, Timor-Leste, and the Pacific Islands. Photo by: Ian / CC BY IanCC BY

The International Finance Corp. launched Aug. 26 the Pacific Microfinance Initiative to help improve access to basic financial services in Papua New Guinea, Timor-Leste, and the Pacific Islands.

The four-year initiative, worth 12.3 million Australian dollars (USD11.3 million), will enhance the capacity of microfinance institutions and other financial service providers in the region. Australia is providing 9.5 million Australian dollars of the total amount for the program, which also aims to improve regulatory, legislative, and financial infrastructure in the region.

About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.