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
A group of nearly 30 representatives from government and civil society gathered in Honiara, Solomon Islands on Friday 6 October for a workshop to review and validate the PSDI gender-inclusive private sector enabling environment framework assessment for Solomon Islands.
More than 40 Solomon Islands government, business, and civil society representatives convened in Honiara in September 2022 for a roundtable discussion of PSDI's Leadership Matters report. Watch the video.
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)