The United States will allocate an additional $20 million to support the Pacific Resilience Facility (PRF). This funding comes on top of the $5 million already contributed to this financing initiative aimed at enhancing the region’s climate resilience and adaptation efforts.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell underscored various significant areas where the US is investing resources to improve climate resilience in the Pacific. These areas include the introduction of a new five-year program to enhance access to climate finance, a $3.6 million investment focused on disaster preparedness, and a $2 million commitment to foster climate-smart agriculture initiatives in collaboration with other partners.
Mr. Campbell emphasized the US’s long-term commitment to supporting the region, not solely in terms of climate resilience but also in education, technology, connectivity, and the fight against illegal fishing. Additionally, a $50 million microfinance facility will be launched to assist micro, small, and medium-sized enterprises (MSMEs) through four regional institutions.
He remarked that these new initiatives represent a significant increase in support compared to what has been provided in recent years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, shared during the PRF talanoa session that this facility is designed to streamline access to climate finance. He praised the PRF as the first regionally owned international organization dedicated to community resilience financing, highlighting its role as a suitable financial institution for the region’s needs.