3 Feb 2011

World Bank's commercial arm to have own office in PNG

2:05 pm on 3 February 2011

The World Bank's commercial arm, the IFC, is to open its own office in Papua New Guinea.

The IFC says this will allow it to expand activities in support of PNG's private sector, helping create opportunities and reducing poverty.

The IFC has had a presence in PNG since 2006, working from the World Bank's head office.

The PNG finance minister, Peter O'Neill, says that enabling private companies and businesses to grow and thrive is an important part of PNG's long-term development strategy and he says the IFC can play an important role in this process.

Over the last six years, the IFC's annual commitments in PNG have grown from just over one million US dollars to more than 200 million last year.