The Fijian Cabinet has given its approval for the country’s contribution to the Pacific Strengthening Correspondent Banking Relationships project. This will involve a loan of US$9 million, which is approximately FJ$20.6 million, sourced from the International Development Association (IDA) credit facility associated with the World Bank Group.
Manoa Kamikamica, the Acting Prime Minister and Minister for Trade, stated that the primary 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 serve as the main agency responsible for implementing the project.
Kamikamica also mentioned that the overall financial package for the project totals US$77 million, which includes US$18 million in concessional loans and US$59 million in grant funding.