The Fijian Cabinet has given the green light for the country’s contribution to the Pacific Strengthening Correspondent Banking Relationships project, which involves a loan of US$9 million (approximately FJ$20.6 million) sourced from the International Development Association (IDA) credit facility linked to the World Bank Group.
Manoa Kamikamica, the Acting Prime Minister and Minister for Trade, stated that the main goal of this regional initiative is to ensure ongoing access to correspondent banking services for the Pacific Island countries involved. The Pacific Island Forum Secretariat (PIFS) will act as the leading agency for the implementation of this project.
Kamikamica noted that the overall financing package for the project totals USD$77 million, which includes US$18 million in concessional loans and US$59 million in grant funding.