The United States has announced an additional $20 million to support the development of the Pacific Resilience Facility (PRF), complementing the previous $5 million funding allocated to the initiative aimed at enhancing climate resilience and adaptation in the region.
In a press roundtable held on Wednesday, US Deputy Secretary of State Kurt Campbell emphasized the significant investments being made by the US to bolster climate resilience in the Pacific. Key initiatives include a new five-year program to improve access to climate finance, a $3.6 million commitment to enhance disaster preparedness, and an additional $2 million dedicated to promoting climate-smart agriculture in collaboration with other partners.
Mr. Campbell affirmed the US commitment to support the region in various sectors, including education, technology, connectivity, and efforts to combat illegal fishing. Furthermore, the US plans to establish a $50 million microfinance facility to assist micro, small, and medium-sized enterprises (MSMEs) through four regional institutions.
He highlighted that the new funding initiatives represent a significant increase from the support provided in recent years.
During the PRF talanoa session, Fiji’s Permanent Secretary for Environment, Michael Sivendra, praised the facility, stating it is designed to facilitate access to climate finance. He noted that the PRF is the first regionally owned international organization tailored to serve as a suitable financial institution for community resilience financing.