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Business

ADB scales up support to $600m over next 5 years

April 3, 2019 4:50 pm
[Source: Business Recorder]

The Asian Development Bank will scale up its support to Fiji to an estimated $600 million over the next five years.

This is to support the country’s development agenda.

This is under a new Country Partnership Strategy which was endorsed by ADB for 2019–2023.

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This will promote private sector investment and assist the government in achieving sustained and inclusive growth.

In addition, ADB will provide grants for finance technical assistance to support project preparation and implementation, capacity building, and policy reforms.

ADB Director General for the Pacific, Carmela Locsin, says the new CPS with Fiji will prioritize the assistance through three strategic objectives.

This is promoting private sector investment and growth, broadening access to quality services and economic opportunities, and building resilience and reducing economic volatility.

Locsin says in keeping with Strategy 2030, ADB will seek to combine finance, knowledge, and partnerships throughout its operations.

As a financier and catalyzer of finance, ADB will be prepared to provide emergency finance and pursue lending opportunities and mobilize external concessional and commercial resources for Fiji.

ADB has been supporting Fiji since 1970, with $524 million in loans, $35 million in grants, and $34 million in technical assistance.

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