Region's private sector businesses need capital to grow [1]
Friday, August 15, 2014 - 15:43. Updated on Tuesday, August 19, 2014 - 16:37.
Private Sector Development is "the backbone" of the work of Development Financial Institutes in the Pacific; to provide capital for the Private Sector to enable their business ventures to grow, Anna Mendiola, the ADFIP chairperson, said in opening its regional meeting at the Fa'onelua Convention Centre, in Nuku'alofa yesterday, 14 August.
In her opening remarks to the 29th Annual General Meeting of the Association of Development Financing Institutions in the Pacific (ADFIP) Anna stressed the relevancy of this year's theme "Private Sector Development: Opportunities and Challenges for Development Financial Institutes".
She said that it was important for ADFIP to have open dialogue with the private sector to identify their needs.
Anna, who is the President of the Federated States of Micronesia Development Bank, believed in a 'hand in hand' working relationship between Development Banks and the Private Sector.
She said that a Pacific Islands regional private sector organization, PIPSO should have been represented at the meeting, but she was looking forward to a presentation to be made by Aloma Johansson, the president of the Tonga Chamber of Commerce.
Tonga's Acting Prime Minister, Hon. Samiu Vaipulu challenged members of ADFIP to establish a regional Pacific Islands Development Bank, with its headquarters in Nuku'alofa. He said that the Tongan government would give its full support for such a venture.
In response to Hon. Samiu Vaipulu's remark, the ADFIP Secretary and the CEO of Fiji Development Bank, Ratu Deve Toganivalu said that the ADFIP had been working on the concept for a regional development bank for quite some time, but he warned Hon. Samiu Vaipulu that the Fiji Government had already raised their hand since they heard of the movement for the establishment of a regional development bank. However, Ratu Deve Toganivalu thanked the Acting Prime Minister for his Inaugural Speech, and presented him with a Fijian club.
Following the opening ceremony, Hon. Samiu Vaipulu and Anna Mendiola launched an ADFIP website.
The ADFIP AGM which ran from 12-15 August, was attended by delegation from Fiji, Samoa, Kiribati, Palau, Cook Islands, Tahiti, Tuvalu and the Federated State of Micronesia. The meeting included a number of training programs on Corporate Governance, Risk Management, Strategy and Financial Analysis.