EUROPE’s long-term lending institution is expected to provide about 30 million euros ($F69.65m) of new lending under the Pacific microfinance facility for community and investment projects in various Pacific Islands over the next 12 months.
The confirmation by European Investment Bank vice-president for the Pacific Pim van Ballekom was made during a recent engagement in Suva to acknowledge this month’s theme for European Union Year of Development, which was sustainable growth, decent jobs and business.
Mr Ballekom said a wide range of community projects and investment by local entrepreneurs would benefit from the new Pacific-focused microfinance engagement by the internationally-owned public bank.
“Entrepreneurs and small businesses are more flexible in terms of spotting new business opportunities, creating jobs and contributing to economic development,” he said in a statement during a three-day official visit to Fiji and New Caledonia.
“It is essential that entrepreneurs can access finance and both across Europe and around the world the European Investment Bank works with leading institutions experienced in providing microfinance and addressing specific local investment challenges.”
