The Fijian Cabinet has endorsed a contribution of US$9 million (approximately FJ$20.6 million) towards the Pacific Strengthening Correspondent Banking Relationships project, which will be financed through a loan from the International Development Association (IDA) and the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica stated that the purpose of this regional initiative is to ensure ongoing access to correspondent banking services for participating Pacific Island nations. The Pacific Islands Forum Secretariat (PIFS) will take the lead in implementing the project.
Kamikamica also mentioned that the overall financing package for the project totals US$77 million, which includes US$18 million in concessional loans and US$59 million in grant financing.