The Fijian Cabinet has approved a contribution of US$9 million (approximately FJ$20.6 million) to the Pacific Strengthening Correspondent Banking Relationships project, funded through a loan from the International Development Association (IDA) under the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica highlighted that the primary aim of this regional initiative is to ensure uninterrupted access to correspondent banking services for the participating Pacific Island nations. The Pacific Island Forum Secretariat (PIFS) will serve as the main agency responsible for implementation.
Kamikamica noted that the overall financing for the project totals US$77 million, which includes US$18 million in concessional loans and US$59 million in grant funding.