The Fijian Cabinet has greenlit the country’s contribution to the Pacific Strengthening Correspondent Banking Relationships project, approving a loan of US$9 million (roughly FJ$20.6 million) sourced from the International Development Association (IDA) credit facility linked to the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica highlighted that the aim of this regional initiative is to ensure ongoing access to correspondent banking services within the involved Pacific Island nations. The Pacific Island Forum Secretariat (PIFS) has been designated as the main agency for implementation.
Kamikamica also noted that the overall funding for the project totals US$77 million, which includes US$18 million in concessional loans and US$59 million in grant financing.