The Fijian Cabinet has given its approval for the country’s involvement in the Pacific Strengthening Correspondent Banking Relationships project, which will be supported by a loan of US$9 million (about FJ$20.6 million) from the International Development Association (IDA) credit facility associated with the World Bank Group.
Acting Prime Minister and Minister for Trade, Manoa Kamikamica, explained that the primary aim of this regional initiative is to ensure ongoing access to correspondent banking services across the Pacific Island countries involved in the project. The Pacific Island Forum Secretariat (PIFS) will serve as the primary implementing agency.
Kamikamica further 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.