The Pacific Private Sector Development Initiative (PSDI), an initiative established in 2006 by the Asian Development Bank (ADB), recently outlined in its annual report its efforts to “encourage private sector led sustainable economic growth” in developing countries in the Pacific by “improving access to financial services, updating business laws and upgrading the delivery of services by state-owned enterprises (SOEs).”
The report mentions PSDI’s work with microfinance institutions (MFIs) in Papua New Guinea, Timor-Leste and Vanuatu to help develop appropriate financial products and expand outreach to rural areas. In the Federated States of Micronesia, Marshall Islands, Solomon Islands, Tonga and Vanuatu, PSDI funded education loans and encouraged changes in the design of loans secured by movable assets like boats, cars and equipment. The report also mentions the empowerment of women as a major theme of PSDI.
PSDI is co-financed by AusAID, the development finance institution of Australia. The report documents the second phase of PSDI which extends from 2009 to 2013 with total funding of USD 12 million. For the full report, you may visit: http://beta.adb.org/sites/default/files/psdi-progress-report-2010.pdf
By Nisha Koul, Research Associate
About Asian Development Bank (ADB): Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a development finance institution that consists of sixty-seven members, of which forty-eight are located in the region. ADB has three strategic priorities: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, ADB uses loans, technical assistance programs, grants, equity investments and guarantees to private companies in member countries. ADB reported a total capitalization of USD 64 billion as of December 31, 2010.
Sources and Additional Resources:
Asian Development Bank (ADB), ADB, AusAID Pacific Private Sector Initiative Assists Women, Business Environment, http://beta.adb.org/news/adb-ausaid-pacific-private-sector-initiative-assists-women-business-environment
MicroCapital.org story, May 19, 2011, “MICROCAPITAL BRIEF: Asian Development Bank Argues in Favor of Greater Private Sector Involvement in Microinsurance,” https://www.microcapital.org/microcapital-brief-asian-development-bank-argues-in-favor-of-greater-private-sector-involvement-in-microinsurance/
MicroCapital.org story, March 1, 2011, “MICROCAPITAL BRIEF: Through Asian Development Bank (ADB), Japan Fund for Poverty Reduction (JFPR) Extends $1.9m Grant to Develop Cambodia’s Micro- and Small Enterprises Through Access to Training, Microfinance,” https://www.microcapital.org/microcapital-brief-through-asian-development-bank-adb-japan-fund-for-poverty-reduction-jfpr-extends-1-9m-grant-to-develop-cambodias-micro-and-small-enterprises-through-access-to-training-mi/
MicroCapital.org story, November 8, 2010, “MICROCAPITAL BRIEF: Asian Development Bank (ADB), Australia Launch “Microfinance Expansion Project” in Papua New Guinea,” https://www.microcapital.org/microcapital-brief-asian-development-bank-adb-australia-launch-microfinance-expansion-project-in-papua-new-guinea
MicroCapital.org story, July 5, 2010, “MICROCAPITAL BRIEF: Microfinance Institution Tuba Rai Metin Grows in Timor-Leste with Consulting from BASIX Group of India and Support from the INFUSE Program of the United Nations and Australian Agency for International Development (AusAID),” https://www.microcapital.org/microcapital-brief-microfinance-institution-tuba-rai-metin-grows-in-timor-leste-with-consulting-from-basix-group-of-india-and-support-from-the-infuse-program-of-the-united-nations-and-australian-agen/
MicroCapital Universe profile: Asian Development Bank (ADB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+%28ADB%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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