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The South Pacific nation of Tuvalu, one of the world’s smallest and most remote countries, has officially joined IFC, a member of the World Bank Group.
The move follows a signing ceremony in Washington, attended by Tuvalu’s Deputy Prime Minister and Minister of Finance and Economic Development, Maatia Toafa, and IFC’s CEO, Philippe Le Houérou.
Tuvalu, located midway between Hawaii and Australia, comprises nine islands covering a total land area of 26 square kilometers. About half the population of 11,000 people live on the atoll of Funafuti, which is the capital.
“I am excited with the opportunities that will come with being the newest member of IFC,” said Tuvalu’s Deputy Prime Minister. “The private sector has the potential of eradicating hardship and it is my hope that IFC will provide Tuvalu with the necessary technical assistance and investment to help achieve the development aspirations of our people.”
“Like many other Pacific Island nations, Tuvalu faces some significant development challenges including remoteness from major markets and vulnerability to the impacts of climate change and natural disasters,” said IFC CEO Philippe Le Houérou. “We welcome Tuvalu to IFC and look forward to working with the government of Tuvalu to help the country address its development challenges.”
The government of Tuvalu’s aspirations, including its commitments to achieving the Sustainable Development Goals, are aligned with the aims of the World Bank Group.
“Tuvalu last year launched its first ever private sector development plan and with the signing of this agreement, IFC can now begin work to help the country in its implementation of that strategy,” said IFC’s Pacific Manager Thomas Jacobs.
Tuvalu becomes IFC’s 185th member.
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
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