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McMullan
Australia's Parliamentary Secretary for International Development Assistance, Bob McMullan, has congratulated three Vanuatu business projects awarded funding under round two of the Enterprise Challenge Fund (ECF).
Grants totalling $1.7 million have been awarded to agribusiness company Volcanic Earth ($190,000), shipping service Marine Consultancy Services ($750,000) and tourism business Carnival Australia ($805,000).
"With assistance from ECF, Volcanic Earth will establish an export-focused organic skin care production facility providing employment and livelihood opportunities for over 1,000 suppliers in different parts of Vanuatu," Mr McMullan said.
"The grant to Marine Consultancy Services will partially fund expansion of shipping services to 24 new locations and improvements to supporting infrastructure. More than 9,000 people in Torba and other locations will benefit directly from the project.
"Carnival Australia will improve on-shore facilities for cruise ship stop-over passengers on Mystery Island, Wala Island and eventually at Champagne Beach. These improvements will boost local incomes and increase economic activity."
Mr McMullan said Vanuatu companies had competed strongly for grants under ECF and the positive outcome was a tribute to the professionalism of local companies.
"We expect that each of these different business projects will contribute significantly to the ECF aim of linking private sector development with poverty alleviation," Mr McMullan said.
ECF is a $20.5 million program aimed at strengthening the private sector, encouraging economic growth and reducing poverty in the region.
Open to all firms, ECF is competitive and promotes private sector investment in initiatives that extend services or provide employment and other benefits to poor communities. Grants of between $100,000 and $1.5 million are available to businesses that are prepared to at least match the Government's grant.
"Through ECF, the Australian Government is helping the private sector to play its part in alleviating poverty across our region," Mr McMullan said.
"Providing access to employment and markets, and encouraging the growth of small businesses in developing countries, is vital in order to achieve a meaningful and sustainable reduction in poverty."
Nine projects have been awarded grants totalling $5.5 million under ECF's second round of funding. The successful projects are based in Vanuatu, Cambodia, Fiji, Laos, Solomon Islands and Papua New Guinea.
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