A $150 million Asian Development Bank loan has been approved to help Fiji recover from the COVID-19 pandemic and build resilience against climate and disaster risks.
The Sustainable and Resilient Recovery Program comprises a $60 million policy-based concessional loan and a $90 million policy-based regular loan.
This has been made possible through a loan signing between the Fijian government and the Asian Development Bank.
Officiating at the signing Acting Prime Minister and Attorney General, Aiyaz Sayed-Khaiyum says the ADB loan will allow the government to continue investing in innovative opportunities benefiting women, youth, the poor and other vulnerable.
Sayed-Khaiyum says their push for nature-based jobs and parametric micro-insurance products helps boost community resilience and create employment opportunities, while ensuring Fiji meets its climate mitigation and adaptation commitments and Sustainable Development Goals.
He adds that the program will bolster fiscal resilience by strengthening public financial management and debt management, community resilience through inclusive public spending and sustainable access to basic services, and private sector resilience by supporting businesses.
Regional Director of ADB’s Pacific sub-regional office in Fiji, Aaron Batten says this program builds on the results of the ADB-supported Sustained Private Sector-Led Growth Reform Program which helped the Fijian Government create an environment where the private sector can thrive and drive economic growth through investment.
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