12 Oct 2018

IFC commits $US3.4 b to Pacific and East Asia

3:46 pm on 12 October 2018

The International Finance Corporation (IFC), a member of the World Bank group, says it has committed $US3.4 billion to East Asia and the Pacific for the 2018 fiscal year.

Tourists are entertained in Papua New Guinea.

Tourists are entertained in Papua New Guinea. Photo: International Finance Corporation.

The IFC said this year's budget would support the region's emerging markets and create sustainable jobs.

The funding had also spurred the development of green bonds in Fiji, raising $US50 million to help the country adapt to a changing climate, it said.

The IFC was also promoting private investments in Papua New Guinea's tourism and power sectors as well as the tourism sectors in Solomon Islands and Fiji.