IFC works with commerical institutions to aid Pacific

The International Finance Corporation says it's working with commercial institutions across the Pacific to assist those impacted by the Covid-19 pandemic.

The officials met via a virtual meeting this week to discuss ways to work through the global economic downturn.

The IFC's Thomas Jacobs told banking executives the economic fallout from the pandemic would not spare any nation in the region.

Mr Jacobs said his corporation was working to help financial institutions in the region continue to back businesses, in particular small and medium-sized companies.

He said it was important to keep these institutions operating and for that they needed finance.

The International Finance Corporation said it held more than 35 virtual meetings for banks and financial institutions across Asia and the Pacific to assist them strengthen their financial sectors during a time when economies were under huge pressure to survive.