Funds boost region

THE Australian Government and World Bank met this week to discuss Australia’s $A20million ($F34m) contribution to the Pacific Facility 4 (PF4), a multi-donor trust fund implemented by the World Bank.

The trust fund will be used to shape and accelerate growth and poverty reduction in Papua New Guinea and 10 Pacific Island countries.

Axel van Trotsenburg, World Bank vice-president for East Asia and the Pacific, met senior Department of Foreign Affairs and Trade officials, including Peter Varghese, Secretary for DFAT, during his trip to Canberra.

“Australia’s contribution to the Pacific Facility Trust Fund will help us achieve our shared priorities of economic growth, women’s economic empowerment, sustainable oceans and fisheries, disaster risk reduction and healthy populations in the Pacific.

“Australia’s continued financial commitment to the Pacific Facility reflects the ongoing strong partnership between the World Bank Group and the Australian Government,” he said.