News

| 6 July 2020

New Zealand provides $4 million for PSDI Phase IV

about psdi

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.

New Zealand's commitment will help fund PSDI's operations during its fourth phase, from 2020 to 2024. During this time, PSDI will continue to work with the 14 Pacific developing member countries of the Asian Development Bank (ADB) to remove constraints to doing business and encourage entrepreneurship and investment through reforms to business laws, the finance sector, state-owned enterprises and competition frameworks. PSDI will also continue to support women's economic empowerment.

A $2 million first tranche payment of this funding was received in June. New Zealand’s support is in addition to further contributions from the Government of Australia ($21.6 million) and ADB ($2 million).

These contributions are in addition to funding received during PSDI’s earlier phases, totaling $49.8 million from the Government of Australia, $6.1 million from ADB, and $4.9 million from the Government of New Zealand.

*All figures are in US dollars.