Fiji has officially signed a standby $75 million loan agreement with Japan International Cooperation Agency to enhance its disaster recovery and rehabilitation capabilities.
While speaking during the signing ceremony, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says the funds can be accessed immediately once the Cabinet approves that there is a need for a specific disaster.
Professor Prasad says the standby loan will provide crucial reserve funds for immediate financial needs following disasters, ensuring Fiji can respond quickly to incidents like cyclones.
He says the agreement follows previous support from JICA including financing during Tropical Cyclone Harold in 2020 and Yasa in 2021 which helped rehabilitate infrastructure and assist affected communities.
Meanwhile, the Resident Representative of JICA in Fiji, Wakasugi Satoshi says this loan marks a significant milestone in the relationship between the two nations.
Satoshi says the funds will help strengthen disaster risk reduction initiatives and align with Fiji's National Disaster Risk Reduction Policy.
He says this new agreement reinforces Fiji's commitment to building resilience against climate change and disaster impacts, ensuring the nation is better prepared for future challenges.
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