Tuvalu has become the newest member of the International Finance Corporation – a member of the World Bank Group.

The move follows a signing in Washington, D.C. attended by Tuvalu’s Minister of Finance and Economic Development, Maatia Toafa and IFC’s CEO, Philippe Le Houérou.

Like many other Pacific Island nations, Tuvalu faces some significant development challenges including remoteness from major markets and vulnerability to the impacts of climate change and natural disasters.

Tuvalu’s Deputy Prime Minister says his excited with the opportunities that will come with being part of IFC.

The government of Tuvalu’s aspirations, including its commitments to achieving the Sustainable Development Goals, are aligned with the aims of the World Bank Group.

Tuvalu becomes IFC’s 185^th member.