The Parliament of the Cook Islands passed the PSDI-supported Covid-19 Economic Response Act on 2 July, intended to assist businesses in the Cook Islands that are affected by COVID-19 to continue trading, preserve their economic value, and retain employees.
The Government of New Zealand has committed to providing $4 million* in additional funding to the Pacific Private Sector Development Initiative (PSDI) to continue efforts to make it easier for people in the Pacific to start and grow their businesses.
The Cabinet of Fiji last week endorsed a new Public-Private Partnership (PPP) Implementation Guideline, designed to support the implementation of the PPP Policy 2019. Both the guideline and the policy were prepared with PSDI support.
In Morobe Province, Papua New Guinea, a group of women produce growers will soon be able to access the finance they need to increase their productivity and grow their businesses, thanks to an innovative new loan product developed by Women’s Micro Bank (WMB), NKW Fresh Produce, and PSDI.
The Government of Australia is providing $14 million in additional funding to PSDI, with the Asian Development Bank (ADB) also contributing $2 million, to help continue efforts to make it easier for people in the Pacific start and grow their businesses.
The Cook Islands now has a modern, online system for the registration and administration of companies, incorporated societies and personal property securities, making it easier to do business and access finance.