IFC, Solomon Is sign deal

 THE International Finance Corporation has signed a cooperation agreement with the Solomon Islands government to expand its operation.

The expansion will attract more visitors into the country to strengthen its private sector by creating more jobs. 

IFC country representative Seva Payevskiy said the company had been in the Solomon Islands since 2010 but had a small presence.

“With this new agreement, IFC will open a permanent office in Honiara which will be looked after by four staff,” he said.   

The four staff will include Payevsky.

The team will oversee IFC’s operations, including support for small and medium enterprises and generating new investments in key sectors including energy fisheries and tourism.

Solomon Islands Foreign Affairs and External Trade Minister Clay Forau acknowledged the commitment of IFC towards the development of the private productive sector.

“The private sector makes up 80% of the island’s economy through small, medium and large enterprises,” he said.

He said the sector was like the engine room for the economy.

IFC invested A$10 million last year in SolTuna Ltd a tuna processor by expanding its facilities which created 500 jobs for the locals in the Western Province of the island.