Focus on increasing financing opportunities in Pacific
24 November, 2017, 12:00 am
REGIONAL financing institutions over the past three days focused on increasing financing opportunities to help the development sector in the Pacific.
The Association of Development Financing Institutions of the Pacific (ADFIP) 31st Annual Conference which was held at the Holiday Inn Suva identified best practices and strategic planning for sound financing opportunities and action plans.
With the theme “Financing Solutions for ADFIP: New Opportunities”, the conference saw heads of regional development banks, housing corporations and commercial banks mapping out financing solutions and development plans for the Pacific.
ADFIP chairperson and Bank of the Cook Islands managing director Vaine Nooana-Arioka said the meet availed an opportunity for participants not only to tap into new opportunities but also create their own opportunities.
At a product level, Ms Arioka said the participants explored ways of harnessing financing opportunities from Tonga’s new remittance product.
“The new remittance product that Tonga Development Bank have developed presents opportunities because its mobile and internet based,” she said.
“This is where seasonal workers from Tonga, when they go to New Zealand, they can remit it back to Tonga.
“The mobile and browser based money send remittance product which comes at a very low cost achieved significant transaction in their last year of operations.”
Ms Arioka said that other member countries such as Tuvalu and Kiribati were looking closely at the product’s model given their large migrant working population.
“They want to replicate that in their member countries.
“While it is a product, it’s actually a financing opportunity to bring money back into the islands and help support families,” she said.
The meet, which was supported by BRED Bank — Pacific, was concluded yesterday with the participants relooking at their current strategic and action plans before formulating new strategic focus for 2019.
The next ADFIP conference will be held in Suva again come 2018.