Private sector arm of World Bank

World Bank to set up in Fiji

THE South Pacific Project

Facility managed by the International Finance Corporation, is to set up an agency in Fiji in the near future.

The facility will sign a formal agree ment later this month with a local compa ny that will act as agent and initial point of contact for enquiries.

“With improved access locally it is hoped that this will lead to increased use of SPPF’s resources by businesses in Fiji and hence new viable investment in the economy,” said Peter Bennett, the Sydney based representative of the SPPF.

The International Finance Corporation is the private sector development arm of the World Bank.

Meanwhile, the SPPF is reviewing the establishment and expansion of private sector business in the Pacific.

But currently, the SPPF prefers to lend assistance to projects with values ranging

from $lOO,OOO to $10,000,000. “We are now lookirtg at ways in which we can more effectively reach smaller entrepre neurs,” said Mr Bennett.

The facility works with business peo ple who need assistance to evaluate or develop proposals for business ventures and then obtain the necessary finance from lenders or investors.

The SPPF concentrates on projects that focus on the development of export markets, the production of goods to replace imports or which generate new

jobs.

For a recent beneficiary. Modern Furniture, a Fiji company with factories in Nadi and Suva, a local chartered accounting firm - Crosbie & Underhill was engaged to assist in the preparation of a funding proposal that was later sub mitted to a commercial bank for approval.

Modem Furniture has now moved into a new factory in Laucala Beach Estate in Suva and installed some new equipment.

While SPPF will assist in most areas, the only ones where SPPF’s services are not available are gambling and specula tive real estate projects. ■