The Fijian Cabinet has approved a contribution of US$9 million (approximately FJ$20.6 million) to the Pacific Strengthening Correspondent Banking Relationships project, funded through a loan from the International Development Association (IDA) credit facility linked to the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica explained that the project’s aim is to ensure ongoing access to correspondent banking services across the participating Pacific Island countries. The Pacific Island Forum Secretariat (PIFS) will serve as the main agency for implementation.
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.