The Fijian Cabinet has given its approval for the country’s contribution to the Pacific Strengthening Correspondent Banking Relationships project, which involves a loan of US$9 million (approximately FJ$20.6 million) sourced from the International Development Association (IDA) credit facility with the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica explained that the aim of the regional initiative is to ensure ongoing access to correspondent banking services for the Pacific Island nations participating in the project. The Pacific Island Forum Secretariat (PIFS) will serve as the primary implementing agency.
Kamikamica also noted that the overall financial package for the project totals US$77 million, which includes US$18 million in concessional loans along with US$59 million in grant financing.