The project implementation activities are designed to support the Governments of PNG and Fiji to assess the need for and implement regulatory reforms and new initiatives to help support capital market development. The project plans to provide advisory support to regulators and market participants in both PNG and Fiji to improve the regulatory framework for both government bond issuance and trading, improve the framework for corporate bond issuance, and support demonstration transactions including green bonds and local currency issuances. - Support the regulators to review the current regulatory framework in order to improve primary market efficiency and develop secondary market for government securities. - Help establish market infrastructure and practices for both primary and secondary markets. - Synergy with and facilitate Payments Project to support PNG and Fiji to improve automated clearing and settlement for securities market. - Help review and develop regulatory framework and market practice for bond issuance in the corporate bond market to enable private sector tapping long term funding. Capacity building to regulators and market players: The project also seeks to assist the Government of PNG and Fiji in their efforts to strengthen basic oversight of the domestic capital markets while also building the capacity of key market participants. The project plans to provide training and capacity building to regulators and market players on securities issuance and trading practices; to strengthen the capacity and educate key institutional investors regarding opportunities available within the capital markets generally, through a series of workshops and demonstration transactions.