A World Bank offshoot, the International Finance Corporation (IFCA) has launched a new Pacific microfinance program.

A $12.3 million project will try to provide funding to microfinance organisations in Papua New Guinea, East Timor and other Pacific countries.

IFC project leader Deva de Silva says it will seek partners as clients.

The partners can then lend to the poorest individuals and businesses.

The project leader said: “The priority or the focus here is the lower income segments of the economies in the Pacific island countries, starting from Timor Leste to PNG and all the other Pacific countries.

“So the projects and the focus will be at the microfinance and the small business segments of these markets.”