The United States has announced an additional investment of $20 million to support the development of the Pacific Resilience Facility (PRF). This funding comes on top of the $5 million previously allocated to the PRF, which serves as a financial resource aimed at enhancing climate resilience and adaptation in the region.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell outlined several significant areas where the US is directing substantial investments for improving climate resilience in the Pacific. Among these initiatives are a new five-year program designed to increase access to climate finance, an allocation of $3.6 million to improve disaster preparedness, and a commitment of $2 million to promote climate-smart agriculture in collaboration with other partners.
Mr. Campbell emphasized the US’s long-term commitment to assisting the region in various sectors, including climate resilience, education, technology, connectivity, and the fight against illegal fishing.
Additionally, the US plans to establish a $50 million microfinance facility targeted at micro, small, and medium-sized enterprises (MSMEs) in partnership with four regional institutions. Mr. Campbell remarked that these new initiatives represent a significant enhancement of the support provided in recent years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, addressed participants at the PRF talanoa session, highlighting that the facility aims to streamline access to climate finance. He praised the PRF as an innovative regionally owned international organization tailored to meet the community’s resilience financing needs.