The World Bank is intensifying its support for Pacific-led development, focusing on job creation, trade reforms, and enhancing climate resilience. Managing Director of Operations Anna Bjerde addressed these commitments during the Pacific Islands Forum Economic Ministers Meeting (FEMM) in Suva, where she commended the region for taking charge of its future through the 2050 Strategy for the Blue Pacific Continent and the Pacific Roadmap for Economic Development.
Bjerde emphasized that the 2050 Strategy is not merely a policy document; it constitutes a vital commitment to the Pacific people and signifies a drive towards resilience, security, and prosperity. It encapsulates core values such as cooperation, equity, and a deep connection to the land and sea, which are pivotal for the region’s identity and progress.
Highlighting the unique economic challenges internal to the Pacific, Bjerde noted that trade costs in the region are some of the highest globally, making it difficult for local businesses to compete. The World Bank is launching a Pacific Trade Facilitation Project aimed at addressing these inefficiencies by streamlining customs procedures and reducing bureaucratic obstacles to trade.
In addition, Bjerde discussed the expansion of the Correspondent Banking Project, recognizing the steep decline in banking relationships which critical for maintaining remittances and trade finance. She mentioned that the number of corresponding banking relations has plummeted by 60% in the past decade, underscoring the urgent need for targeted financial strategies in the region.
Bjerde also reaffirmed the World Bank’s commitment to investing in climate-resilient infrastructure. With ten Pacific countries among the top globally for economic losses from disasters relative to their GDP, initiatives like the Pacific Climate Resilient Transport Programme aim to bolster infrastructure to withstand natural disasters, thereby supporting the livelihoods of millions across the region.
Furthermore, the conversation at FEMM also stressed the importance of developing local employment opportunities. Starting in September 2025, firms engaging in World Bank-funded projects will be required to include local labor costs in their proposals. This step is part of a broader approach to empower local businesses and stimulate economic growth.
Bjerde announced plans for the Pacific Healthy Islands Transformation Project, which aims to combat non-communicable diseases affecting many Pacific nations by strengthening public health networks and training healthcare workers across several countries, enhancing regional health outcomes significantly.
In summary, the World Bank’s proactive approach emphasizes the importance of regional collaboration, investment in local capacities, and environmental resilience. The collaborative initiatives, focused on key areas such as job creation and sustainable development, provide a beacon of hope for the Pacific Islands as they navigate a complex and shifting global landscape. With the collective resolve showcased at FEMM, the outlook for the Blue Pacific appears promising as communities work hand in hand towards a more resilient and prosperous future.
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