The United States is set to contribute an additional $20 million towards the development of the Pacific Resilience Facility (PRF), building on the $5 million already allocated for this climate resilience financing initiative in the region. In a press roundtable held on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the importance of US investments aimed at enhancing climate resilience across the Pacific.
Among the key initiatives highlighted are the launch of a new five-year program designed to improve access to climate finance, an allocation of $3.6 million to bolster disaster preparedness, and a commitment of $2 million to foster new climate-smart agriculture projects in collaboration with other partners. Mr. Campbell reiterated the US commitment to support the region not only in climate resilience but also in education, technology, connectivity, and addressing illegal fishing issues.
Additionally, the US is introducing a $50 million microfinance facility aimed at benefiting micro, small, and medium-sized enterprises (MSMEs) through four regional institutions. Mr. Campbell remarked that these new initiatives represent a significant increase in assistance compared to recent years.
Fiji’s Permanent Secretary for Environment, Michael Sivendra, spoke at the PRF session, affirming that this facility aims to streamline access to climate finance. He recognized the PRF as the first regionally owned international organization tailored for effective community resilience financing.