Honiara, Solomon Islands – The UN Development Programme (UNDP) in Solomon Islands recently paid a courtesy call on the Deputy Governor of the Central Bank of Solomon Islands (CBSI) to discuss a newly signed partnership under the project, “Supporting Informal Enterprises’ Transition Towards Sustainable Growth and Formalization” (IEP).
During the meeting, UNDP Governance Programme Team Leader Mr. Solomon Kalu briefed the Deputy Governor, Mr Raynold Moveni on the initiative and its contribution to the Solomon Islands National Financial Inclusion Strategy (NFIS), which aims to expand access to affordable and quality financial services, particularly for underserved communities and those operating in the informal sector.
The initiative seeks to strengthen opportunities for informal businesses and micro, small, and medium enterprises (MSMEs) to participate more fully in the formal economy. Through improved access to financial services and strengthened financial literacy, including support for enabling policies, business development services, and inclusive financing mechanisms, the initiative aims to promote more inclusive economic participation and sustainable livelihoods across the Solomon Islands.
In his remarks, Deputy Governor Moveni welcomed the partnership between CBSI and UNDP, noting that the initiative aligns with the priorities of the NFIS and will contribute to strengthening MSMEs while supporting broader economic development in Solomon Islands.
”In line with the priorities of the National Financial Inclusion Strategy (NFIS), this partnership between the Central Bank of Solomon Islands and UNDP represents an important step towards empowering our micro, small and medium enterprises. By strengthening MSMEs, we are not only supporting entrepreneurship and livelihoods, but also contributing to broader economic growth, resilience and inclusive development across Solomon Islands,” said Mr Moveni.
Mr Kalu reaffirmed UNDP’s commitment to supporting inclusive and accessible financial systems in the country, emphasizing the importance of partnerships in advancing sustainable economic development.
“We are committed to working collaboratively with CBSI on this important initiative, which seeks to expand access to financial services for all Solomon Islanders. By building on the priorities of the NFIS, we aim to support more inclusive and sustainable economic participation and growth,” he said.
The Informal Economy project is supporting CBSI and jointly delivered by UNDP and the International Labour Organization (ILO) under a broader programme of the Organisation of African, Caribbean and Pacific States (OACPS), funded by the European Union (EU). It is currently being implemented in Mozambique, Sierra Leone, and Solomon Islands.
