“Great News:”World Bank Approves $200 Million Financing Package for Fiji’s Fiscal and Climate Resilience…Read more
“Fiji Secures Over $200 Million from World Bank for Resilience and Economic Growth”
The World Bank has approved a new financing package exceeding $200 million for Fiji to support fiscal, climate, and disaster resilience, as well as private sector development.
The Fiji Growth and Resilience First Development Policy Financing with a Catastrophe Deferred Drawdown option (CatDDO) was approved last week by the World Bank’s board of directors.
This package includes budget support financing of $US95 million ($F212.44) and an option for an additional US$30 million ($F67 million) in emergency financing in case of a major crisis or disaster.
“We are committed to supporting the Government of Fiji in its efforts to enhance fiscal resilience, build buffers, and strengthen disaster preparedness and response,” said Stefano Mocci, World Bank country manager for the South Pacific.
This initiative also aims to boost private sector investments in Fiji, fostering economic prosperity and creating healthier, more resilient communities.
According to the World Bank, this new financing will support key policy reforms to increase government revenue, enabling Fiji to better invest in public services like health and education.
“The new support will also enhance disaster preparedness at Fiji’s divisional levels, improve disaster risk planning as part of the National Disaster Risk Management Bill, and promote healthy school initiatives by restricting the sale of unhealthy foods nationwide.”
Deputy Prime Minister and Minister for Finance Biman Prasad acknowledged Fiji’s significant challenges and emphasized that this World Bank support will accelerate efforts towards building a healthier, more resilient, and sustainable economy, as well as attracting more private sector investment.
The new World Bank support also aims to increase opportunities for private sector investment in the renewable energy sector and streamline government reforms to simplify business operations, such as reducing the need for business certificate renewals for low-risk businesses.
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