IFC Expands Operation in Solomon Islands to Boost Private Sector Investment, Create Jobs
Honiara, the Solomon Islands, February 12, 2014—IFC, a member of the World Bank Group, has signed a cooperation agreement with the Solomon Islands government to expand
IFC’s operation, attract more investors to the country, and strengthen its private sector to create jobs and improve the
livelihoods of its people.
IFC has had a small presence in the Solomon Islands since 2010. Under the new agreement, it will maintain a permanent
office with four staff to be based in Honiara, including Country Resident Representative, Seva Payevskiy. He oversees
IFC’s operations, including support for small and medium enterprises and generating new investments in key sectors
including energy, fisheries, and tourism.
“The private sector makes up 80 per cent of Solomon Islands economy through small, medium and large business enterprise;
it is also commonly described as the engine room of our economy,” said Clay Forau, Minister for Foreign Affairs and
External Trade. “IFC’s commitment towards the development of our private productive sector is crucial and warmly
welcomed.”
Last year, IFC invested $10 million in SolTuna Ltd., a tuna processor in the Solomon Islands, to help the company expand
its facilities in Noro, Western Province. The expansion is expected to create an additional 500 jobs, allowing the local
women and economy to benefit more from the income generated by the tuna industry, which is vital to the Solomon Islands’
economy.
“IFC is scaling up its Pacific operations and we have already begun to see transformation take place in places like the
Solomon Islands,” said IFC Regional Manager for the Pacific, Gavin Murray. “With this agreement, we will focus our
attention on helping the Solomon Islands take further advantage of its valuable natural resources while growing local
businesses, creating jobs, and improving the skills of women.”
IFC is located in the World Bank Group headquarters, Mud Alley, Honiara.
ENDS