The United States is set to allocate an additional $20 million to support the Pacific Resilience Facility (PRF), building on the $5 million already granted. This financing initiative aims to bolster the region’s efforts in climate resilience and adaptation.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the significant investments being made to enhance the region’s climate resilience. Key areas of focus include the introduction of a new five-year program to facilitate access to climate finance, a $3.6 million allocation for disaster preparedness, and a $2 million commitment to promote climate-smart agricultural practices in collaboration with other partners.
Campbell expressed the US commitment to supporting the region not just in climate resilience but also in education, technology, connectivity, and fighting illegal fishing. Additionally, the US plans to initiate a $50 million microfinance facility aimed at micro, small, and medium-sized enterprises (MSMEs) across four institutions in the region.
He stated that these new initiatives represent a notable increase in assistance compared to previous years.
Regarding the financing facility, Fiji’s Permanent Secretary for Environment, Michael Sivendra, remarked that the PRF is intended to simplify access to climate financing. He praised the PRF as a pioneering regionally owned international organization tailored for community resilience financing.