The Fijian Cabinet has approved a financial contribution of US$9 million (approximately FJ$20.6 million) to support the Pacific Strengthening Correspondent Banking Relationships project. This funding will come from the International Development Association (IDA) credit facility linked to the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica stated that the project’s aim is to ensure the ongoing availability of correspondent banking services across the participating Pacific Island countries. The Pacific Island Forum Secretariat (PIFS) is designated as the principal agency for implementing the initiative.
Kamikamica also noted that the entire financing package for the project totals US$77 million, which includes US$18 million in concessional loans and US$59 million in grant funding.