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The Asian Development Bank has launched a new phase of its Pacific Private Sector Development Initiative, with 12.85 million to support business growth across the region.
The fifth phase will help Pacific countries improve business regulations, expand access to finance and strengthen state-owned enterprises.
The initiative has supported more than 500 reforms across ADB’s 14 Pacific developing member countries.
The reforms include online business registries to make it faster and cheaper to start a business, as well as measures to improve financing opportunities for small businesses and women entrepreneurs.
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ADB says the new phase will also focus on digital government services, climate and disaster resilience, disability inclusion, and strengthening measures to combat money laundering and the financing of terrorism.
The initiative aims to address challenges facing Pacific businesses, including high operating costs, limited access to finance and small, dispersed markets.
The latest phase is by ADB’s Technical Assistance Special Fund and from the Australian Government.