New Zealand High Commission Port Vila, Vanuatu
New Zealand supports Financial Literacy and Business Training in Vanuatu
Today the New Zealand Ministry of Foreign Affairs and Trade (MFAT) signed a Grant Funding Arrangement with the National Bank of Vanuatu (NBV) to support Financial Literacy and Business Training throughout rural Vanuatu.
MFAT has agreed to provide up to $NZD 1.5 million in grant aid over three years (2012-2014) towards the delivery of Financial Literacy and Business Training which will be conducted in 27 locations throughout the NBV's rural network.
The objectives of the programme are to: disseminate information on financial literacy to rural population; educate people on how to save their money in order to access credit; and to increase rural economic development.
"Many people in rural Vanuatu are sceptical about banking. This programme will help Ni-Vanuatu understand the importance of savings and how banks can help them mobilise finance to support their livelihoods", said Bob Hughes, the Managing Director of NBV.
Sara Carley from the New Zealand High Commission in Port Vila responded by reaffirming the New Zealand Government's commitment in supporting sustainable economic development and private sector growth.
"Supporting a growing local private sector, especially in rural areas, was one of the priorities agreed between Vanuatu and New Zealand when we signed the Joint Commitment for Development in October last year. That's why we are pleased to support this programme", said Sara.
In October 2011, the Governments of Vanuatu and New Zealand signed a Joint Commitment for Development. One of the goals is to lift economic performance through private sector development.