The Fijian Cabinet has given the green light for the country’s contribution to the Pacific Strengthening Correspondent Banking Relationships project, which involves a loan of US$9 million (around FJ$20.6 million) sourced from the International Development Association (IDA) credit facility with the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica highlighted that the project aims to ensure ongoing access to correspondent banking services across the participating Pacific Island nations. The Pacific Island Forum Secretariat (PIFS) will play a pivotal role as the implementing agency for this initiative.
Kamikamica also noted that the overall financing for the project amounts to USD$77 million, which includes US$18 million allocated for concessional loans and US$59 million designated for grant financing.