The United States has announced an additional $20 million in funding to support the development of the Pacific Resilience Facility (PRF). This new funding is on top of the previously allocated $5 million for the PRF, which aims to assist the region with climate resilience and adaptation efforts.
During a press roundtable on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the various key areas where the US is directing significant investments to enhance climate resilience in the region. These initiatives include the introduction of a new five-year program aimed at improving access to climate finance, allocating $3.6 million to bolster disaster preparedness, and a commitment of $2 million to support new climate-smart agriculture initiatives in collaboration with other partners.
Campbell reiterated the US commitment to supporting the region not just in climate resilience but also in areas such as education, technology, connectivity, and the fight against illegal fishing. Additionally, the US plans to establish a $50 million microfinance facility intended for micro, small, and medium-sized enterprises (MSMEs) across four regional institutions.
He highlighted that these new initiatives represent a significant increase in the level of assistance compared to previous years.
In remarks during the PRF talanoa session, Fiji’s Permanent Secretary for Environment, Michael Sivendra, pointed out that the PRF was established to make accessing climate finance more straightforward. He praised the PRF as the first regionally owned international organization designed to serve as a suitable financial institution for community resilience financing.