The United States is set to allocate an additional $20 million to support the establishment of the Pacific Resilience Facility (PRF), building upon the $5 million already invested. This financing facility aims to enhance climate resilience and adaptation in the Pacific region.
During a press conference on Wednesday, US Deputy Secretary of State Kurt Campbell discussed various significant areas where the US is channeling substantial funds and resources to bolster climate resilience in the region. Key initiatives include a new five-year program intended to improve access to climate finance, a $3.6 million investment to strengthen disaster preparedness, and a commitment of $2 million to promote climate-smart agriculture in collaboration with other partners.
Campbell emphasized the US’s dedication to supporting the region not just in climate resilience, but also in education, technology, connectivity, and efforts to combat illegal fishing. Additionally, the US plans to introduce a $50 million microfinance facility aimed at assisting micro, small, and medium-sized enterprises (MSMEs) across four institutions in the area.
He highlighted that these new initiatives represent a significant enhancement compared to the assistance provided in previous years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, remarked during the PRF discussion that the facility seeks to streamline access to climate finance. He praised the PRF as the first regionally owned international organization designed as a viable financial institution for community resilience financing.