Fiji is set to receive a significant financial boost of $304.4 million following the Asian Development Bank’s endorsement of loan and grant agreements. This funding is part of the Critical Bridges Resilience Project aimed at enhancing infrastructure in the region.
Of the total amount, approximately $271.6 million will be provided as concessional loan financing, while around $32.8 million will be allocated as grant financing. As part of the project, the Fiji Roads Authority has identified four bridges that will be replaced to improve resilience and connectivity in the country.
The completion of this project is expected to take place by 2031, representing a substantial investment in Fiji’s infrastructure that will benefit both residents and the economy, ultimately leading to improved transport and trade across the islands.
This funding signifies a positive step towards enhancing Fiji’s infrastructure resilience and demonstrates the ongoing support from international financial institutions in developing nations. It reflects a collective effort towards building a more reliable transport network, which is vital for fostering socioeconomic growth.
In summary, the Asian Development Bank’s financial support for Fiji’s Critical Bridges Resilience Project not only aims to replace essential infrastructure but also underscores the commitment to long-term economic development in the region.
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