Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

FINANCIAL BOOST FOR TONGA’S SUSTAINABLE DEVELOPMENT PRIORITIES

  • CBC News Team
Total
0
Shares
0
0
0

The Government of Tonga and the World Bank Group have signed a new Establishment Agreement committing to a stronger partnership. 

“This is an important milestone for Tonga’s partnership with the World Bank Group and we look forward to expanding this engagement into other areas aligned with Tonga’s sustainable development priorities,” said Tonga’s Minister of Finance, the Hon. Tevita Lavemaau.

This agreement reflects the World Bank Group’s rapidly growing engagement in the Pacific with similar agreements signed in other countries of the subregion in recent years. The World Bank Group also has a South Pacific hub in Suva, as well as offices in Funafuti, Nuku’alofa, Apia, Honiara, Port Moresby, Port Vila, and Tarawa with a planned North Pacific office in the Federated States of Micronesia.

The World Bank works in partnership with 12 countries across the Pacific supporting 86 projects totalling $2.06 billion in commitments in sectors like agriculture, health, education and employment, climate resilience and adaptation, energy, fisheries, rural development, economic policy, macroeconomic management, aviation and transport, telecommunications, and tourism.

“The World Bank’s support to Tonga has increased significantly since it first joined the World Bank in 1985, delivering approximately $274 million in support across 29 projects, with nine active projects today,” said Victoria Kwakwa, World Bank’s Regional Vice President for East Asia and the Pacific.

“This agreement enables us to deepen our partnership and support to Tonga, for a robust recovery from the impacts of COVID-19 and boost longer term resilience to climate-related and public health emergencies.”

As the largest global development institution focused on the private sector in emerging markets, IFC is committed to working with Tonga and the nations across the Pacific to develop a more robust private sector and lay the ground for more investment opportunities. In Tonga, IFC is already helping to boost financial resilience, including through innovation in areas such as remittances which provide a vital income stream for Tongan families, support small businesses, and drive economic activity. 

“The signing of this agreement comes at a critical time when the country is facing significant impacts from the COVID-19 pandemic, and we look forward to deepening our engagement with Tonga and expanding on what has already been a strong partnership,” said Alfonso Garcia Mora, IFC Vice President for Asia and Pacific.

“The private sector has a critical role to play in reigniting economic growth around the globe, and IFC sees significant opportunities in Tonga, including through public-private partnerships or using our expertise to improve the investment climate and provide private sector solutions to support growth and jobs.”

Learn More: World Bank in the Pacific

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

NEW COLLABORATION TO FIGHT PLASTIC POLLUTION IN SRI LANKAN RIVERS

  • CBC News Team
Read More
Next Article

RWANDA CAPITAL MARKETS FINANCE BOOST FOR SMALL BUSINESSES

  • CBC News Team
Read More
You May Also Like
China accused of pressuring Kiribati in withdrawing from Pacific Islands Forum
Read More
  • Heads of Government
  • GOVERNMENT
  • KIRIBATI
  • PACIFIC

China accused of pressuring Kiribati in withdrawing from Pacific Islands Forum

  • CBC News Team
  • 13 July 2022
Commonwealth climate
Read More
  • CHOGM Reports
  • Heads of Government
  • Technology
  • AFRICA
  • SUSTAINABLE DEVELOPMENT GOALS
  • RWANDA

Commonwealth leaders advocate for climate change

  • CBC News Team
  • 23 June 2022
Commonwealth youth
Read More
  • CHOGM Reports
  • Education & Youth
  • Heads of Government
  • Health
  • AFRICA
  • CHOGM
  • SUSTAINABLE DEVELOPMENT GOALS
  • RWANDA

Commonwealth young leaders unite to shape a brighter future

  • CBC News Team
  • 21 June 2022
Australia emission target
Read More
  • Infrastructure Development
  • Natural Resources
  • Trade & Investment
  • AUSTRALIA
  • SUSTAINABLE DEVELOPMENT GOALS

Australia sets out ambitious emissions target

  • CBC News Team
  • 16 June 2022
Commonwealth marine protection
Read More
  • Heads of Government
  • Natural Resources
  • SUSTAINABLE DEVELOPMENT GOALS
  • SEYCHELLES

Commonwealth calls for global support as Seychelles fosters marine protection

  • CBC News Team
  • 9 June 2022
Commonwealth ocean
Read More
  • Natural Resources
  • SUSTAINABLE DEVELOPMENT GOALS

The Commonwealth raises awareness on ocean preservation

  • CBC News Team
  • 6 June 2022
CARICOM Secretariat
Read More
  • CHOGM Reports
  • GOVERNMENT
  • CARIBBEAN AND AMERICAS

CARICOM divided on new Secretary-General election as UK backs Jamaican candidate

  • Margherita Bruno
  • 24 May 2022
Read More
  • GOVERNMENT
  • AFRICA
  • GAMBIA

Country partnership launched for The Gambia

  • CBC News Team
  • 10 May 2022
OUR LATEST PUBLICATION

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • Commonwealth Day 2023
    Commonwealth Day 2023
  • Celebrating Mauritius Independence Day
    Celebrating Mauritius Independence Day
  • Flag of Ghana
    Celebrating Ghana Independence Day
  • Zambia gets £1.6 million injection to address water shortages
    Zambia gets £1.6 million injection to address water shortages

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.