The government has officially signed an Exchange of Notes with Japan for a second standby disaster loan, amounting to approximately FJD$72.0 million. This funding will be available to support future disaster recovery and rehabilitation efforts.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, noted Japan’s significant contributions to Fiji’s development goals over the years. He emphasized that Japan has supported Fiji through various means, including investment in infrastructure, assistance in education and health sectors, collaboration in disaster response, and fostering Japanese private sector investments, such as the 44 percent equity stake in Energy Fiji Limited.
Prasad described the terms of the highly concessional loan, which features a repayment period of 40 years, including a 10-year grace period, and an interest rate of 0.40 percent per annum. He acknowledged Japan’s unwavering support during crises, including the COVID-19 pandemic and natural disasters, through both direct financial aid and assistance via the Japanese Government and JICA, as well as indirect support through the Asian Development Bank.
The Deputy Prime Minister highlighted the importance of readiness for Fiji, given its vulnerability to natural disasters and the impacts of climate change.
Japanese Ambassador to Fiji, Rokuichiro Michii, reaffirmed Japan’s commitment to aiding Fiji’s disaster resilience and recovery strategies. The standby loan facility is intended to address Fiji’s financial requirements during the rehabilitation phase following natural disasters.