Loan agreement between Fiji and ADB to boost economic development
August 13, 2020 4:40 pm
A two-hundred-million dollar loan agreement was signed between the Ministry of Economy and the Asian Development Bank in Suva today.
A US $200 million loan from the Asian Development Bank will support Fiji’s economic development and response for COVID-19.
This is the final phase of the Sustained Private Sector-Led Growth Reform Program.
The aim of the program is to create an environment in which the private sector can drive economic growth through investment, improve management of public finances, strengthen the performance of state-owned enterprises and open private investment opportunities.
Asian Development Bank’s South Pacific Sub regional Director, Masayuki Tachiiri assured that ADB will provide further support for long term development and relief for COVID-19.
Economy Minister Aiyaz-Sayed-Khaiyum says they will now be able to improve Fiji’s liquidity status.
“It will help us in respect of getting the much-needed funding in particular in popping up our foreign reserves and also improving liquidity within the system itself too.”
Meanwhile, the loan repayment is payable in 15-years.