IFC

Developed by IFC, a member of the World Bank Group, and the Tonga Development Bank with support from the governments of Australia and New Zealand, ‘Ave Pa’anga Pau enables Tongans to send money home in a quick and secure way, and at a significantly lower cost than other services.

The launch of ‘Ave Pa’anga Pau comes at a crucial time with remittances a key source of income for Tongan families, and now even more vital amid the devastating economic impacts of the COVID-19 pandemic.

The report notes that Asia-Pacific, which will house half the world’s urban population by 2030, is a particularly promising area for investment, with an estimated $17.8 trillion worth of investment opportunities, primarily in residential buildings.