The Fijian Cabinet has sanctioned a contribution of US$9 million, approximately FJ$20.6 million, towards the Pacific Strengthening Correspondent Banking Relationships project. This funding will be sourced from the International Development Association (IDA) credit facility under the World Bank Group.
Manoa Kamikamica, the Acting Prime Minister and Minister for Trade, stated that the project’s goal is to ensure ongoing access to correspondent banking services for the Pacific Island nations involved. The Pacific Island Forum Secretariat will serve as the primary agency for implementing the project.
Kamikamica further noted that the overall financing for the initiative totals USD$77 million, which includes US$18 million in concessional loans and US$59 million in grant financing.