THE Pacific Islands Private Sector Organisation (PIPSO) has signed a memorandum of understanding with the Pacific Business Investment Facility (BIF) to support collaborative efforts in the growth of business development in the Pacific, particularly with small and medium enterprises (SMEs).
The BIF is a regional facility supported by the Government of Australia and the Asian Development Bank (ADB).
It works directly with businesses that are seeking to expand or diversify by providing technical expertise to assist them in accessing finance.
PIPSO chief executive Mereia Volavola said they looked forward to this partnership particularly as PIPSO, with its members, were directing greater focus on SME development, and recognising that this program had the potential of enhancing Pacific businesses and their competitiveness.
BIF manager Denise Aldous said this collaboration was welcomed as it would enable both organisations to work together to benefit the private sector in the region. BIF initially started its support in Papua New Guinea, Fiji, the Solomon Islands, Vanuatu and Tonga and will gradually expand to other Pacific countries.
