Australian government to work with ANZ on Pacific finance projects

Australian government teams up with the ANZ bank to work Financial literacy, Women empowerment, Joint financing of infrastructure

Sydney – Foreign Minister Julie Bishop today (Feb. 18) signed a memorandum of understanding with the bank which will see cooperation on financial literacy programs, joint financing of infrastructure projects and ways to economically empower women.

This sort of public-private partnership has been attempted before, with a similar arrangement with Westpac Bank that eventually fell into abeyance.FM Julie Bishop

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.

According to the media release by Foreign Minister’s office, 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.

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About the Author: Akhtar Jamal

Tribune International