Fiji has formally signed the US$50 million loan facility approved by the World Bank 16 months ago for improvements to the nation’s transport and infrastructure.
The signing ceremony took place in Washington during the current visit to the US by the Attorney General and Minister for Finance, Aiyaz Sayed-Khaiyum, who is attending the 2016 Spring Meeting of the World Bank and International Monetary Fund. The facility - which was approved in December 2014 - is Fiji’s first from the World Bank for 23 years.
“This is a very significant day for Fiji”, the AG said after the signing ceremony. “Not only do we enjoy the confidence of the World Bank and IMF for our prudent economic management but with this facility, we now have more than $102 million Fijian at the current exchange rate to dedicate to improving Fiji’s infrastructure and the performance of our economy as a whole”.
At a meeting with the AG after the signing ceremony, Fiji was praised by the new World Bank Vice President for the East Asia Pacific Region, Ms Victoria Kwakwa, for what she described as the innovative rehabilitation measures being implemented in the wake of Tropical Cyclone Winston.
She emphasises the importance of Fiji strengthening its resilience against climate change as part of its long term growth strategy, as well as pursuing appropriate macroeconomic and social policies.
Vice President Kwakwa welcomed the World Bank’s reengagement with Fiji and expressed its willingness to support Fiji’s effort to strengthen its position as a Pacific hub for the economic benefit of the region as a whole.
She said the World Bank was committed to having a strong presence in Fiji and providing it with technical assistance, advisory support, and, if necessary, the provision of further facilities for social protection and development purposes.
For his part, the AG thanked the World Bank on behalf of the Fijian Government for its assistance and support. He went on to provide a detailed briefing on areas of potential engagement, including disaster rehabilitation, strengthening climate change adaptation measures, building a resilient economy, improving the effectiveness of social protection programs, assisting in the divestment of state owned enterprises and developing fibre optic capability in Vanua Levu.
The AG updated Vice President Kwaka and her executive team on the rehabilitation and rebuilding effort in the wake of Cyclone Winston and outlined Fiji’s long-term strategy to strengthen its resilience to the impact of climate change.
He also repeated his call for changes to the present arrangements for funding climate change adaptation, which he said were impeding the ability of small and island states to gain access to concessional financing.