The Pacific has undergone one of the most extensive secured transactions reforms anywhere in the world. Although the reforms are relatively recent, initial results indicate that they will allow more borrowing and on better terms.
A robust and vibrant private sector is vital to the Pacific region's long-term economic growth and improved quality of life and is a necessary condition for sustained poverty reduction. But the private sector can only flourish and create employment opportunities when the environment in which it operates is welcoming to business. ADB recently launched an initiative to gain sharper insights into the issues inhibiting private sector development in the Pacific region.