Pacific Initiative to Improve Access to Finance

IFC has launched the Pacific Microfinance Initiative, a four-year, 12.3 million Australian dollar ($11.3 million) initiative, to improve access to basic financial services, particularly for women, rural households, and enterprises in Papua New Guinea, Timor-Leste, and the Pacific Islands. Estimates suggest that less than 20 percent of adults in the Pacific have access to financial services.

IFC will provide performance-based grants and business advice to financial service providers, and the initiative also will work with governments to improve the regulatory, legislative, and financial infrastructure to broaden financial inclusion in the region. 

IFC’s first partner under the initiative is the South Pacific Business Development Microfinance Network, whose customers are mainly women micro-entrepreneurs. 

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