$150m for recovery efforts and building climate resilience
THE Asian Development Bank (ADB) has approved $150 million in loans to help Fiji recover from the COVID-19 pandemic and build resilience against climate and disaster risks.
The loan agreements were signed yesterday in Suva by Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum and Regional Director of ADB’s Pacific Subregional Office in Fiji Aaron Batten.
“This program builds on the results of the ADB-supported Sustained Private Sector-Led Growth Reform Program which helped the Government of Fiji create an environment where the private sector can thrive and drive economic growth through investment,” said Mr Batten.
“As well as breaking down barriers to private sector investment, this new program will support government reforms to build resilience, including the implementation of Fiji’s Climate Change Act, which is among the world’s most comprehensive pieces of climate legislation.”
The Sustainable and Resilient Recovery Program comprises a $60m policy-based concessional loan and a $90m policy-based regular loan.
“From early in the pandemic, the Fijian government has focused on a green-blue recovery because we knew there was no alternative,” said Mr SayedKhaiyum.
“Through ADB’s support here today, we can continue to strengthen Fiji’s macroeconomic stability, improve access to financing for smaller businesses, and build economic confidence, thereby providing the private sector with the best possible business environment in which to lead economic growth.”
Mr Sayed-Khaiyum added that the ADB loan would go towards “the many budgetary announcements in terms of expenditure.”