World Bank approves $139.59 million credit for Fiji
November 9, 2019 7:38 am
The World Bank’s Board of Executive Directors has approved a loan to support Fiji’s financial reforms.
The Bank is providing $139.59 million in support for Fiji’s efforts to strengthen its medium-term fiscal sustainability, improve the country’s business climate, and build resilience to climate change.
The new operation will also support enhancements to Fiji’s business environment through improvements to business registration procedures, as well as improved access to finance – particularly for women.
Fiji’s Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum says this significant funding commitment from the World Bank is testament to Fiji’s advocacy for expanding access to climate finance and our strategic effort to bolster our fiscal sustainability.
World Bank Country Director for Papua New Guinea and the Pacific Islands, Michel Kerf says they are pleased to be bringing support that will ultimately deliver more stability to Fiji’s economy, more climate-resilient infrastructure, and an improved business environment that will ensure more people – particularly Fijian women – can start and grow their businesses.
The operation consists of two individual $63.25 million credits from the International Development Association (IDA), in addition to a $13.09 million loan through the World Bank’s International Bank of Reconstruction & Development (IBRD).
Earlier this year the World Bank Group opened its new South Pacific hub in Suva, and in July Fiji gained access to funding through IDA.
With the addition of this new operation, the World Bank currently has active projects in Fiji totaling $262 million (US$120 million) in commitments across sectors including telecommunications, transport and climate resilience.