World Bank approves US $50 million loan for Fiji
July 2, 2016 1:10 am
The World Bank’s Board of Executive Directors have today approved US $50 million loan to the Fijian Government to support the country’s cyclone Winston recovery effort.
Attorney General and Minister for Finance, Aiyaz Sayed -Khaiyum says they will use the loan to help meet their commitment to make buildings stronger and more resilient.
He says that they are currently in the process of rebuilding damaged homes, schools, and infrastructure.
In a statement, the World Bank Acting Country Director General for Papua New Guinea, Timor Leste and the Pacific Islands, Mona Sur says they have been working with the Government to prepare a comprehensive package that will provide support to the most vulnerable people and help build future resilience.
Sur says the biggest impact from Cyclone Winston were felt in the poorest parts of the country where livelihoods such as fishing and agriculture can take several years to recover.
The US $50 million loan is funded through the International Bank for Reconstruction and Development, the World Bank’s lending arm for middle income countries.
Tropical Cyclone Winston killed 44 people, damaged or destroyed 40,000 homes and ravaged public buildings and infrastructure, including 229 schools.
The damage bill amounts to $1.4 billion US dollars.