Fiji Boosts Banking Ties with $9 Million Investment

The Fijian Cabinet has approved a $9 million contribution to the Pacific Strengthening Correspondent Banking Relationships project, funded through a loan from the International Development Association (IDA) credit facility with the World Bank Group. Acting Prime Minister and Minister for Trade Manoa Kamikamica stated that the project’s aim is to ensure ongoing access to correspondent banking services in the participating Pacific Island nations, with the Pacific Island Forum Secretariat (PIFS) serving as the main implementing agency. Kamikamica also noted that the overall financing for the project totals $77 million, which includes $18 million in concessional loans and $59 million in grant financing.