World Bank confirms multi-million dollar funding
March 26, 2021 12:50 pm
Fiji will receive $299 million from the World Bank to support recovery from the impacts of COVID-19 and multiple tropical cyclones.
A statement from the World Bank says the operation prioritizes improvements to Fiji’s debt and public financial management, and promotes opportunities for women, particularly in addressing gender barriers in male-dominated sectors.
It will also facilitate private sector-led economic recovery with support from the International Finance Corporation.
The funding will also be used to support the establishment of a Social Assistance Policy to improve the efficiency and target of programs to many of Fiji’s poorest and most vulnerable groups.
It enhances Fiji’s climate resilience by supporting the National Ocean Policy that will lead to a five-fold increase in marine protected areas and greater inclusion of women in ocean management.
There will also be an improvement in the quality of structural steel reinforcement materials used in buildings to better withstand cyclonic winds.
The World Bank says it’s working with key development partners, including the Asian Development Bank, the Governments of Australia, Japan and New Zealand, the European Union, and the
International Monetary Fund (IMF), to boost support to Fiji.
The operation provides about $227 million from the International Development and a little close to a $52 million loan from the International Bank for Reconstruction and Development (IBRD).