Up to $10 million per capital project will be provided by the Fiji Development Bank under the Green Climate Fund at an interest rate of 5% per annum for any environment friendly projects.
This follows the announcement during the signing of a Memorandum of Understanding between the Bank and the Ministry for Waterways and Environment on the Green Climate Fund projects.
FDB Chief Executive Officer Saud Minam says these projects must be environmentally friendly in nature such as recycling plants, electric vehicles and solar panels and plastics.
He says through this MOU, the Bank is deepening its collaboration to channel more climate finance to Fiji.
The MOU governs the environmental and social safeguard processes engaged in the distribution of funds.
While speaking at the MOU signing, the Minister for Waterways and Environment Doctor Mahendra Reddy says this signifies a momentous opportunity that will extend their efforts to broaden and quicken the outcomes from the climate commitments that the Ministry has made.
He says investments for Green Climate Funding require a systematic approach, integrating sustainability with financial policy and investment practices and promoting new business and investment models that include sustainable development as a core principle.
Reddy says like any other large ocean states across the Pacific Ocean, Fiji faces several of the most overwhelming consequences of extreme weather patterns.
The MOU signing marks the commencement of the first stage of accreditation while the second stage will involve a $50,000 loan ceiling.
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