World Bank commits $US3.4 bn to Pacific and East Asia

The World Bank's development arm the International Finance Corporation says it has committed $US3.4 billion to East Asia and the Pacific for the 2018 fiscal year.

The International Finance Corporation said this year's budget will support the region's emerging markets and create sustainable jobs.

Radio NZ reports that the funding had also spurred the development of green bonds in Fiji, raising $US50 million to help the country adapt to a changing climate.

The International Finance Corporation was also promoting private investments in Papua New Guinea's tourism and power sectors as well as the tourism sectors in Solomon Islands and Fiji.

[Source : Radio NZ]