Manila, Philippines (BBN)- The Asian Development Bank (ADB) will expand its private sector development (PSD) activities significantly in the Pacific region.

Under the new move, the ADB will increase its portfolio of 63 private sector reform projects from 20 projects in 2007 effectively tripling the scope of PSD operations in the region.

This expansion has been largely enabled by the Pacific Private Sector Development Initiative (PSDI), co-financed by the Australian Agency for International Development (AusAID), an ADB press statement said.

The initiative will help to rapidly respond to reform opportunities in the Pacific Islands, as well as to strengthen analysis and reform advocacy, and foster dialogue between private and public sectors.

The ADB’s private sector development reform activities are designed to improve the business environment through innovative approaches to improve access to finance for the poor and un-banked, reform the commercial legal framework, and measure increases in private sector participation in the delivery of essential services, according to the statement.

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