The Fijian Cabinet has sanctioned a contribution of US$9 million (approximately FJ$20.6 million) to the Pacific Strengthening Correspondent Banking Relationships project. This funding will come from the International Development Association (IDA) credit facility in collaboration 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 participating Pacific Island nations. The Pacific Island Forum Secretariat (PIFS) will oversee the implementation of the project.
Kamikamica further noted that the overall financing for the project totals USD$77 million, which includes US$18 million in concessional loans and US$59 million in grant funding.