The International Finance Corporation (IFC) commits US$1.9 billion to COVID-19 response efforts since the onset of the COVID-19 and Climate Change crisis in Eastern Asia Pacific Region.

Children in Lord Howe atolls fishing using nets.

 In addition it also provided US$1.5 billion in short term finance for the region to facilitate trade flows. 

Twenty-six percent of projects, amounting to US$744 million in long-term financing, is focusing on tackling climate change and the marine plastics crisis. 

IFC’s  newly appointed Regional Director, Kim-See Lim, a Malaysian national, says he will lead the investment and advisory operations in the region.

Diretor Lim assures, IFC will continue to focus on leveraging the private sector to foster a green, resilient, and inclusive recovery in East Asia and the Pacific, given the double devastating impacts of COVID-19 and Climate Change.

“Given the devastating impacts of the global pandemic, IFC will continue to focus on leveraging the private sector to foster a green, resilient, and inclusive recovery in East Asia and the Pacific,” said Lim. 

He adds, “Building back better is the only way to spur the region’s recovery out of this crisis while prioritizing renewable energy, energy efficiency, green and blue bonds, and smart cities.”

The IFC also committed US$3 billion to support the region’s financial institutions serving micro, small, and medium enterprises (MSMEs).

While EAP contributes 30 percent of global GDP and is home to 30 percent of the world’s population, it is responsible for 60 percent of global greenhouse-gas emissions with some of the biggest contributors to marine plastic waste. 

Solomon Islands is among the countries in that Region that will be benefiting from The International Finance Corporation COVID-19 and Climate Change Funding Support.

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