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WASHINGTON, D.C., Nov. 29, -- The South Pacific Project Facility (SPPF), set up in 1990 to help secure financing for small and medium enterprises in the Pacific Island countries, will hold meetings of its donors and its advisory board in Auckland, New Zealand, December 7. SPPF, which has made a substantial contribution in the Pacific Island countries by helping private sector enterprises develop new businesses and expand existing operations, is funded by the Governments of New Zealand, Australia, Canada, Japan, as well as the International Finance Corporation (IFC), the private sector financing affiliate of the World Bank Group. SPPF is managed by IFC, which also provides support in the technical, management, and environmental areas. The meetings will mark the successful conclusion of the first phase of the facility in which 37 projects were assisted. Of these 37 projects, 11 were technical assistance projects and 26 were projects where SPPF helped raise financing of US$25 million. The agenda of the meetings
will include a discussion of the budget for the second phase of the facility's funding by donors, an expansion of activities to undertake management training and skills transfer, and a general broadening of SPPF's developmental role. SPPF's budget under Phase I amounted to US$7 million. Phase II is estimated to cost US$10 million. (More) IFC Press Release No. 96/60 Page 2 of 2 Mr. Richard Pearson, Regional Manager of SPPF said, "SPPF's operations have given us a significant insight into the needs of small business in the Pacific Island countries, which is key to the next phase of operations. SPPF's record, along with its impact in the widely dispersed geographic area of the Pacific, has shown that it is a valuable resource in catalyzing and developing the private sector in the region. It is the only agency in the Pacific which exclusively deals with the private sector." Mr. Pearson added, "Companies working with SPPF are very appreciative of support by the donor countries. They are aware that, without donor f
unding, there would be no SPPF. We are also fortunate to have a Board of Advisors who are representatives of the major donors as well as leading business figures from the Pacific Islands with a wealth of experience and knowledge." The Board of Advisors includes Sir Savenaca Siwatibau of Fiji, Chairman, Mr. Barrie Downey of New Zealand, Mr. Peter MacCawley of Australia, Ms. Meg Taylor of Papua New Guinea, Mr. Peter Lee of Fiji, Mr. Michael Ord of U.S.A., and Mr. Tatsuo Saito of Japan. In addition to structuring projects, preparing business plans, assisting in the selection of project partners, and mobilizing financing, SPPF assists foreign investors to invest in the Pacific Island countries and advises Pacific Island governments on the development of private sector initiatives and the privatization of public sector enterprises. SPPF services are available to IFC's nine member countries in the Pacific Islands -- Fiji, the Federated States of Micronesia, Kiribati, Marshall Islands, Papua New Guinea, Solomon Isla
nds, Tonga, Vanuatu, and Western Samoa. SPPF supports projects with total investment costs up to US$5 million. It has been active in agribusiness, fishing, forestry, tourism, general manufacturing, capital markets, industrial services, and textiles. To complement SPPF's activities, IFC has also set up the Pacific Islands Investment Fund, which invests between US$50,000 and US$300,000 per project in companies in the South Pacific Island countries. Another service that benefits the Pacific region is the Foreign Investment Advisory Service (FIAS) -- a joint venture between IFC and the World Bank -- that helps developing country governments to structure laws, programs, and institutions to stimulate foreign direct investment. FIAS's office in Sydney, Australia, is the focal point for managing its work in the Pacific region. IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
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