The United States is set to allocate an additional $20 million to support the development of the Pacific Resilience Facility (PRF). This announcement comes after an initial commitment of $5 million aimed at enhancing climate resilience and adaptation in the region.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell outlined key areas where significant funding and resources are being invested to bolster the region’s climate resilience. Among these initiatives is a new five-year program designed to improve access to climate finance, which includes $3.6 million for disaster preparedness and a commitment of $2 million to promote new climate-smart agriculture projects in collaboration with various partners.
Campbell emphasized the long-term commitment of the US to assist the region, not only in terms of climate resilience but also in areas such as education, technology, connectivity, and the fight against illegal fishing. Furthermore, the US plans to introduce a $50 million microfinance facility aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across four local institutions.
He remarked that these new initiatives represent a significant increase in assistance compared to previous years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, addressed attendees at the PRF session, highlighting that the facility is intended to facilitate easier access to climate financing. He praised the PRF as the first regionally owned international organization that aims to function as a specialized finance entity for community resilience funding.