The International Finance Corporation (IFC) on Tuesday 23rd December announced a partnership with BRED Bank Vanuatu and BRED Bank Solomon to help commercial customers access financing for their businesses and productive assets, supporting growth and job creation in Vanuatu and the Solomon Islands.
Vanuatu Daily Post reported that IFC, a member of the World Bank Group focused on the private sector, said in a press statement that Small and Medium-sized Enterprises (SMEs) and commercial companies are key drivers of economic growth and jobs in both countries.
However, businesses face growing challenges in accessing the capital they need to innovate and expand, with financing gaps further widened by natural disasters, the report stated.
Photo caption: The signing of the deal. Photo supplied.