Fiji works to secure more funding through IDA
February 8, 2021 3:55 pm
The Economy Minister this afternoon clarified that there’s no $1b loan from the World Bank but rather a World Bank country partnership framework.
Aiyaz Sayed-Khaiyum says through the partnership, the World Bank provides $1b support of which US$210m is provided directly by way of loans to government.
Sayed-Khaiyum adds the loan is prioritized in various areas of concern.
“They are in areas of social protection COVID-19 response and system development project, the economic and climate resilience development policy operation, the catastrophe draw down, Vanua Levu Tourism Development project.”
The Minister for Economy adds they are constantly trying to get the World Bank to provide more funding through the International Development Association.
IDA entails very concessional loan terms incurring a service charge of 0.75 percent and a repayment period of 40 years including a 10 years grace period.