The Fijian Cabinet has approved a contribution of $9 million USD (approximately $20.6 million FJD) for the Pacific Strengthening Correspondent Banking Relationships project, utilizing loan financing from the International Development Association (IDA) credit facility associated with the World Bank Group.
Manoa Kamikamica, the Acting Prime Minister and Minister for Trade, stated that the project’s primary goal is to ensure ongoing access to correspondent banking services in the involved Pacific Island nations. The Pacific Island Forum Secretariat (PIFS) is designated as the main implementing agency for the initiative.
Kamikamica also noted that the total financial package for the project amounts to $77 million USD, which includes $18 million in concessional loans and $59 million in grant financing.