The Fijian Cabinet has given the green light for the country’s involvement in the Pacific Strengthening Correspondent Banking Relationships project, which will be funded through a loan of $9 million, equivalent to FJ$20.6 million, sourced from the International Development Association credit facility within the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica explained that the project’s aim is to ensure ongoing access to correspondent banking services across participating Pacific Island nations. The Pacific Island Forum Secretariat will serve as the principal implementing body for this initiative.
Kamikamica noted that the overall financial package for this project totals $77 million, which includes $18 million in concessional loans and $59 million in grant funding.