The Local Climate Adaptive Living Facility, which will deploy over USD15 million in climate finance will support the delivery of adaptation projects at the grassroots level and deliver on national commitments to build resilience to the escalating impacts of climate change.

Launched in June 2023 by the country’s largest telecommunications provider, the new mobile money service M-Selen aims to bring basic financial services to the fingertips of everyday Solomon Islanders.

With support from the World Bank, the Western Balkan economies are making significant progress in aligning their national payment systems with EU standards as part of their accession goals.

KEP Trust plans to on-lend the proceeds of the senior, unsecured loan to micro-, small and medium-sized enterprises (MSMEs).

The initiative, known as the Debt Resolution Project, is expected to create a safety net for businesses and investors, improving access to credit, especially for small and medium enterprises.

The facility has been provided under IFC’s Small Loan Guarantee Program (SLGP), a programmatic approach to risk-sharing that aims to strengthen the capacity of financial institutions to finance SMEs in low-income countries.

The agreement is part of a regional effort by IFC, working with banks, financial institutions, credit bureaus and central banks in Solomon Islands, Papua New Guinea and Vanuatu to guide them through the process of moving to comprehensive credit reporting.