US $50m loan to the Fijian Government
July 2, 2016 8:17 pm
The Asian Development Bank will provide a US $50 million Emergency Assistance loan to the Fijian Government to finance the disaster recovery reconstruction programs.
This includes school rehabilitation and housing assistance.
Attorney General, Aiyaz Sayed-Khaiyum says the new structures will be designed and built to resist the high winds and driving rain that characterize severe tropical storms like Winston.
Regional Director of ADB’s Pacific Sub-regional Office in Fiji, Robert Jauncey says Cyclone Winston ruined lives, livelihoods and infrastructure and the loan will help to mitigate the negative social and economic impacts of the cyclone on vulnerable people and households.
He says the cyclone damaged 495 schools, 88 health facilities, disrupted basic public services and destroyed crops and livelihoods.
ADB is extending the US $50 million emergency assistance loan from its ordinary capital resources.
The loan will have a 20-year term, including a grace period of five years and a low interest rate of about 1.3% per year.