Minister of Foreign Affairs, Clay Forau and IFC regional manager, Gavin Murray signed the aggrement for IFC's establishment here
FOLLOWING a signed agreement with the Solomon Islands Government last week, the International Finance Cooperation (IFC) says their institution will tackle the increasing issue of unemployment via the country’s private sector.
This assurance was made by IFC’s Regional Manager for the Pacific, Gavin Murray during the signing and establishment of IFC’s new office in Honiara last week.
“With increase of birth rates yearly experienced it triggers the demand for employment, that’s when IFC steps in supporting key sectors including energy, fisheries and tourism within the private sector,” Mr Murray assured.
“With this new agreement, we will focus our attention on helping the Solomon Islands take further advantage of its valuable resources while growing local businesses, creating jobs, and improving the livelihoods.
In 2013, IFC has invested $10 million in SolTuna Ltd for the expansion of its facilities and expected to create an additional 500 jobs.
“We will be working closely with businesses including small and medium enterprises as our signed agreement will prioritize employment and generating new investments,” Mr. Murray added.
Meanwhile the National Government through the Ministry of Foreign Affairs and External Trade (MFAET) has also expressed their commitment to assist the newly establish institution here in Honiara.
“On behalf of the Government we are pleased to have in the country such assistance from IFC, as we know the private sector is an essential segment for development and the Government is committed towards its support,” Minister Clay Forau said during the signing ceremony.
IFC has had a small presence in the country since 2010, and under the new agreement it will maintain a permanent office with four staffs to be based in Honiara.
IFC, a member of World Bank Group is the largest global development institution focused excessively in the private sector.
Working with the private sector in more than 100 countries their influence help eliminate extreme poverty and promote shared prosperity.