ASIAN DEVELOPMENT BANK SUPPORTS PACIFIC PRIVATE SECTOR STRATEGY

admin's picture

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 private sector that serves as the engine of innovation and growth.

"They need to create an environment that attracts the private sector to invest and enable the countries to prosper."

The bank said the project will produce:

* assessments of, and strategies for, the development of the private sector in four selected Pacific countries (representing at least one country from each of the bank's sub-regional groupings),

* a regional assessment of the private sector, and

* a private sector development strategy for the Pacific.

The project aims at developing a consistent, holistic policy and institutional framework that will help overcome the underlying, impeding factors, the bank said.

The project will develop approaches and instruments to address the constraints.

The focus will be on finding sub-regional solutions through dialogue with the governments, other development institutions, and the private sector, it said.

Pacific Islands News Association (PINA) Website: http://www.pinanius.org 

Rate this article: 
No votes yet

Add new comment