The Fijian Cabinet has approved a contribution of US$9 million, approximately FJ$20.6 million, to the Pacific Strengthening Correspondent Banking Relationships project. This funding will come from the International Development Association (IDA) credit facility associated with the World Bank Group.
Acting Prime Minister and Minister for Trade Manoa Kamikamica stated that the aim of this regional initiative is to ensure continuous access to correspondent banking services for the involved Pacific Island countries. The Pacific Island Forum Secretariat (PIFS) is designated as the primary agency responsible for implementing the project.
Kamikamica also mentioned that the total financing for the project amounts to USD$77 million, which includes US$18 million in concessional loans and US$59 million in grant financing.