MANILA, Philippines (August 2, 2002 - PINA Nius Online)---The Asian Development Bank (ADB) has agreed to provide a US$ 300,000 grant to formulate a strategy to develop a dynamic private sector in its Pacific member countries.
A strong private sector is vital to long-term economic growth and improved quality of life, a bank statement said.
But despite efforts by development agencies, the response from the Pacific countries has generally been slow, it said.
The new strategy aims to facilitate ADB interventions to improve the business environment, generate opportunities, and catalyze private investment.
It will also provide guidance on how to:
* implement governance in the public and private sectors, and
* foster financial intermediation, public-private partnerships, and sub-regional cooperation.
Said Robert Siy, Jr., Director of ADB's Pacific Operations (Division 2): "To be globally competitive, Pacific countries need to have a healthy...