Millennium Challenge Corporation, International Finance Corporation launch partnership.
Port Moresby, Papua New Guinea / Honiara, Solomon Islands (Sept. 29, 2022) – The Millennium Challenge Corporation (MCC) and the International Finance Corporation (IFC) announced a new partnership to implement the Solomon Islands Tourism Investment Facilitation Project as part of the $20 million MCC-Solomon Islands Threshold Program. The collaboration between MCC and IFC, in partnership with the Government of Solomon Islands, aims to attract investment in Solomon Islands’ tourism sector to generate growth and advance prosperity in the island nation.
“We are thrilled to launch this new partnership with the IFC to increase tourism investments in Solomon Islands, ultimately delivering new jobs and fostering local economic activity,” said MCC CEO Alice Albright. “This is the first MCC-IFC partnership in support of a country program, and I hope this collaboration will serve as a pilot for future cooperation around the globe.” By addressing land access and investment facilitation issues, MCC’s Accessing Land for Tourism Investment Facilitation Project will strengthen government capacity to manage inclusive tourism projects, which can also lead to entrepreneurship opportunities for women.
Permanent Secretary Bunyan Sivoro of the Solomon Island Ministry of Culture and Tourism (MCT) emphasized that the “MCT looks forward to working together with MCC and IFC to implement the Solomon Islands Tourism Investment Facilitation Project. We believe this investment can play a critical role in bringing economic benefits to the people of Solomon Islands.”
IFC has partnered with Solomon Islands to advance tourism investment since 2017, and the new program will expand the impact of IFC’s long-standing support. “The people of Solomon Islands have been hard hit by the economic impact of COVID-19 and climate change. In partnership with the MCC, we aim to boost private investment in tourism, a vital sector that creates jobs and opportunities by tapping into the global economy,” said Ruth Horowitz, IFC Vice President for Asia and the Pacific. “We hope this partnership will demonstrate how strategic planning for mobilizing investment can pay great dividends.”
In January 2022, MCC and the Government of Solomon Islands signed the Solomon Islands Threshold Program, a four-year grant that promotes sustainable economic development through the Accessing Land for Tourism Investment Facilitation Project and the Forest Value Enhancement Project, which seeks to provide communities with economically viable alternatives to logging.
The Millennium Challenge Corporation is an independent U.S. government development agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights. Learn more about MCC at www.mcc.gov.
The International Finance Group (IFC) —a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.