Today I signed a Memorandum of Understanding (MoU) with ANZ Chief Executive Officer Mike Smith, which will boost Australian Government efforts to enhance economic growth in the Pacific region.

The MoU with the Australian Government and ANZ creates a partnership that will significantly improve access to finance for many Pacific Islanders and enable them to participate in the formal economy, in some cases for the first time.

The agreement outlines priority areas for joint cooperation between the Department of Foreign Affairs and Trade and ANZ in the Pacific, including:

  • financial inclusion, literacy and the economic empowerment of women
  • innovative approaches to finance for small to medium businesses
  • opportunities for joint financing of infrastructure projects, and
  • more effective and timely communication on disaster and crisis relief.

Working with ANZ, the Australian Government can more effectively assist Pacific communities to better manage their finances, start small businesses, save money and empower women to participate in the formal banking system.

The MoU is an important step toward government, business and the development sector working together to drive economic growth and assist Pacific communities to work toward financial independence.

Private sector engagement in Australia's aid program means our development assistance can be provided more effectively, efficiently and innovatively.

Media enquiries

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