Fiji signs $150m loan agreement with ADB

June 24, 2022 4:30 pm

The Asian Development Bank and the Ministry of Economy today signed a $150m loan agreement to boost economic recovery and various other local sectors.

Asian Development Bank Regional Director, Aaron Batten says their support towards Fiji’s sustainable and resilient recovery program is only possible through the effective management of COVID-19 and the combined efforts of government, organizations, and the people.

Batten adds the agreement also supports climate change and green growth which have long been cross-cutting themes across Fiji’s development agenda.

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“The sustainable and resilient recovery program further deepens Fiji’s long-standing commitment to the global climate agenda. Realizing the dangers posed by climate change, Fiji was the first country in the world to ratify the Paris Climate Agreement back in 2016.”

Minister for Economy, Aiyaz Sayed-Khaiyum says this financing from ADB will assist developments and expand the government’s gender-responsive budgeting.

“We now have five additional ministries that are implementing gender-responsive budgeting. Initially, we have the two ministries, the Ministry of Fisheries, MCTTT and now we have got the Ministry of Education, Youth and Sports, Agriculture, Forest, Women and Police.”

Sayed-Khaiyum says this will help build the resilience of our economy, empower ordinary Fijians and create a better commercial environment for the private sector.

The Sustainable and Resilient Recovery Program comprises a $60 million policy-based concessional loan and a $90 million policy-based regular loan.