SUNBIZ

Brighter Horizons In The Pacific Region

ANZ has invested around A$30 million (FJ$47.12 million) in projects and systems in these core markets over the past six years, and its extensive presence also helps provide industry insight and links into our home markets of Australia and New Zealand.
15 Apr 2022 06:00
Brighter Horizons In The Pacific Region
An aerial view of Suva City. Photo: Ronald Kumar

As governments, customers and businesses try to get back on track, major companies like ANZ have a role to play in helping foster that renewal.

ANZ announced last week it would strengthen its focus on building a world-class digital bank in its core Pacific markets of Fiji, Samoa, Vanuatu, Cook Islands, Tonga, Solomon Islands and Kiribati and Timor-Leste (excluding Papua New Guinea which is managed through ANZ’s Institutional business).

 

ANZ has been a constant fixture in these core markets for more than 140 years, and plays an important role in connecting customers to growing trade and investment opportunities across the region.

Indeed, helping people and companies move goods and services around the Asia-Pacific region is a key plank of the bank’s overall strategy.

 

ANZ has invested around A$30 million (FJ$47.12 million) in projects and systems in these core markets over the past six years, and its extensive presence also helps provide industry insight and links into our home markets of Australia and New Zealand.

 

We know that our presence in the Pacific helps bring credibility, expertise, and scale.

As a large organisation, we can partner with others to bring in skills when they are required.

In many cases, these partners are often our customers too.

 

That means more people and more capability to help deal with the challenges and opportunities facing the region.

Today, chief among these challenges and opportunities is climate change and the transition to a low-carbon future.

Sustainability is key for Pacific nations given the likely effect of rising sea levels.

 

Energy Transition
Many of the markets are still reliant on diesel for energy supply and ANZ is involved in funding proposals for renewable energy projects to help change that.

Our chief executive, Shayne Elliott, has said providing the finance for this transition is a once-in-a generation opportunity and is a key plank of our strategy.

Recently, ANZ bought a stake and partnered with specialist climate advisory firm Pollination to further increase our capability in this space.
This commitment particularly resonates in the Pacific region.

 

ANZ already has runs on the board, including our support for Energy Fiji Limited (EFL) and its five-year plan, to provide clean and affordable energy solutions.

We have been involved in three projects that will directly help EFL achieve its aim of providing 90 per cent of its energy needs from renewable resources by 2025.

The projects include a 132 kilovolt transmission line to augment the infrastructure from EFL’s Wailoa Power Station, and help boost supply to the Western region of Viti-Levu.

 

We are also helping finance construction of the Nadarivatu Hydroelectric Power Plant and the Wainisavulevu Weir Raising Project.

Getting these projects scoped, financed and built in the Pacific requires companies like ANZ to take leadership.

It is a cause we care deeply about and is key to our overall strategy.

We have recently majority-funded the expansion of the Monosavu Hydroelectric Power Scheme which is the largest hydroelectric power scheme in Fiji.

 

Feedback: ranobab@fijisun.com.fj



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