IFC, a member of the World Bank Group, has signed an agreement with pension, provident and sovereign funds who are members of the Pacific Islands Investment Forum (PIIF), with the aim of helping bridge the infrastructure investment gap in the region.
The funds who are members of PIIF play a critical role in their economies. PIIF’s membership collectively own more than $8 billion worth of assets. It’s estimated the infrastructure gap in the region amounts to US$45 billion over 12 years.
And with COVID-19 bringing a wave of unprecedented volatility across the world, a first step of the new agreement is for IFC and PIIF to conduct a survey to understand the impact of the pandemic on PIIF fund members.
“During times of crisis, PIIF member funds are regularly called upon to provide economic and social support across a range of areas,” PIIF chairman and Samoa National Provident Fund CEO, Pauli Prince Suhren said. “So, we aim to share the results of this survey among our member funds as we adapt in this unprecedented environment. We’re also working with IFC to help achieve our long- term vision of cross-border investment in the region, to deliver better infrastructure and services and, most importantly, better returns for the people who’re members of our funds.”
The co-operation agreement with IFC will allow PIIF to explore co-investment opportunities with IFC and also opportunities for funds to go beyond their own borders and invest in other countries’ industries, services and infrastructure.