The World Bank announced that Solomon Islands has joined its regional project to strengthen correspondent banking relationships in the Pacific, aiming to preserve uninterrupted access to the global financial system. The expansion provides Solomon Islands with temporary correspondent banking support if access is disrupted, alongside technical assistance to improve compliance, payment systems, and financial infrastructure. The project is now fully operational after being approved in August 2024, is implemented by the Pacific Islands Forum Secretariat, and is financed through the International Development Association. Solomon Islands’ participation comes against a 57% reduction in available correspondent banking services between 2011 and 2022 and includes involvement in a feasibility study on a Pacific Payments Mechanism intended to reduce costs and improve the reliability of cross-border payments, alongside longer-term work on anti-money laundering efforts and regulatory harmonisation. Under the additional financing package, Solomon Islands will receive USD 9 million split evenly between grants and credits to fund activities including payment system oversight upgrades, regulatory alignment, and collection of financial access data, including gender-disaggregated information.
World Bank 2025-06-05
World Bank adds Solomon Islands to Pacific correspondent banking project with USD 9 million in additional financing
The World Bank announced Solomon Islands' participation in its regional project to strengthen correspondent banking in the Pacific, ensuring access to the global financial system. Operational since August 2024 and financed by the International Development Association, the project includes USD 9 million for Solomon Islands to enhance payment systems, regulatory alignment, and financial data collection. This initiative addresses a 57% reduction in correspondent banking services from 2011 to 2022 and involves a feasibility study on a Pacific Payments Mechanism.