The Fijian Cabinet has approved the country’s participation in the Pacific Strengthening Correspondent Banking Relationships project, which involves a loan of $9 million (approximately FJ$20.6 million) from the International Development Association (IDA) credit facility under the World Bank Group.
Manoa Kamikamica, the Acting Prime Minister and Minister for Trade, stated that the primary goal of the regional initiative is to ensure ongoing access to correspondent banking services for the participating Pacific Island nations. The project will be mainly implemented by the Pacific Island Forum Secretariat (PIFS).
Kamikamica also noted that the overall financing for the project amounts to $77 million, which includes $18 million in concessional loans and $59 million in grant funding.