In Solomon Islands, PSDI is supporting reforms that address ongoing constraints to business activity and investment, and promote inclusive, sustainable private-sector growth.
Solomon Islands has actively sought and implemented reform initiatives with significant support from PSDI. We have worked with the Government of Solomon Islands to:
Develop a secured transactions framework, including the development of an electronic registry and providing ongoing support to lenders;
Support the Central Bank of Solomon Islands and the Ministry of Finance and Treasury in the preparation of a new credit union legislation;
Modernize business laws and registration processes, including: assisting in the development of a new Companies Act and the launching of an online companies registry; supporting the introduction of a community company structure; simplifying the business name registration process; and assisting in the creation of a modernized customs and excise regime;
Strengthen competition and consumer protection, through the development of a competition policy and providing support for a Competition Bill;
Strengthening state-owned enterprise policy, performance, governance, and transparency;
Promoting women’s economic empowerment, through pilot projects, and legislative review; and
Supporting reform through advocacy and analysis, including completing a private sector assessment for Solomon Islands in 2016.
Resources and Spending
Solomon Islands has been a leading reformer in the Pacific region, actively seeking and implementing reform initiatives with significant support from PSDI. At $5.7 million, it has received the second-largest share of PSDI funds, behind Papua New Guinea.
Business law reform activities account for 43% of PSDI’s spending in Solomon Islands since 2007, funding initiatives such as customs and company law reform, including the procurement of an online companies registry. Initiatives supporting state-owned enterprise (SOE) reform account for 25% of overall spending and have led to the installation of a community service obligation framework, the development of shared accounting services, the successful privatization of three SOEs, and a new SOE ownership policy. Financing growth initiatives, which account for 16% of overall spending, have underpinned secured transactions reform, a review of the regulatory framework for microfinance and mobile banking, strengthening the National Provident Fund, and the development of a Credit Union Policy.
On this website, $ refers to US dollars unless otherwise stated.
For detailed information on PSDI activities in Solomon Islands, download the 2022 PSDI Country Overview here.
Solomon Islands at a glance
Secured transaction framework
11,000 securities registered
Online registry launched
44 day reduction
New SOE Policy
Solomon Islands’ robust legal framework for SOEs has helped generate the highest portfolio returns among nine Pacific island countries, a new ADB PSDI report says.
Greater gender diversity in Solomon Islands business leadership will “deliver benefits for everyone” by boosting productivity and profitability, a local launch event for PSDI's Leadership Matters study has heard.
More than 40 government, business, and civil society representatives in Solomon Islands gathered on 14 September 2022 for a roundtable discussion on PSDI’s Leadership Matters report. (News item courtesy of Tavuli News)
THE ISLAND SUN: Solomon Finance Limited, a credit institution owned by Solomon Islands National Provident Fund (SINPF) and supported by PSDI, is expected to commence its lending operation in 2022.
SOLOMON STAR NEWS: The Solomon Islands National Provident Fund-owned and PSDI-supported Solomon Finance Limited (SFL) has been granted a credit license from the Central Bank of Solomon Islands.
SOLOMON TIMES: A banking license has been granted to the PSDI-supported Solomon Finance Limited (SFL) to conduct banking business as a credit institution.