The Australian government has agreed to provide AUD 2 million (the equivalent of USD 1.8 million) over the next three years to the Pacific Financial Inclusion Program (PFIP), a program established with the intent of increasing access to financial services among low-income households in the Pacific Islands.
In a press release, the Australian Parliamentary Secretary for International Development Assistance, Bob McMullan, said that he was impressed with the increased access to financial services due to the PFIP’s efforts and claimed that “Australia’s support for this Program demonstrates our commitment to help broaden access to financial services across the Pacific” [1]. Australia’s contribution is part of an international development program managed by the Australian Agency for International Development (AusAID).
About the Pacific Financial Inclusion Program (PFIP):
The Pacific Financial Inclusion Program (PFIP) works with and helps fund microfinance institutions (MFIs) that deliver financial services to poor pacific islanders who may have had limited or no access to banks. It was established in 2008 with funding from the United Nations Capital Development Fund, the European Union, and the United Nations Development Programme [1]. PFIP does not report to the Microfinance Information Exchange (MIX).
About the Australian Agency for International Development (AusAID):
The Australian Agency for International Development (AusAID) is a federally funded agency that aims to reduce poverty in developing countries. The program primarily focuses on the Asia Pacific region, but it also provides assistance to Africa and the Middle East [2].
Bibliography:
[1] Australian Government Press Release: “More Pacific Islanders to Benefit from Australian Support for Microfinance”, http://www.ausaid.gov.au/media/release.cfm?BC=Latest&ID=7156_6955_7097_6889_9860
[2] Australia’s Overseas Aid Program. http://www.ausaid.gov.au/makediff/default.cfm
Additional Links:
Microfinance Universe: Pacific Financial Inclusion Program. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Pacific+Financial+Inclusion+Program
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