ADB’s $65 mil­lion loan to sup­port greater pri­vate sec­tor in­vest­ment and par­tic­i­pa­tion in Fiji

Fiji Sun - - Business - Re­form pro­gramme Leg­is­la­tion Leave Pro­gramme ac­tions Com­mit­ments Source:ADB [email protected]­

The Asian Devel­op­ment Bank’s (ADB) has ap­proved a FJ$65 mil­lion pol­icy-based loan to fund a pro­gramme help­ing the Gov­ern­ment of Fiji cre­ate an en­vi­ron­ment where the pri­vate sec­tor can thrive and drive eco­nomic growth through in­vest­ment.

cial­ist for the Pa­cific Ms. Pamela Wy­att.

“ADB is pleased to be able to sup­port these re­forms through tech­ni­cal as­sis­tance and this pol­icy-based loan.”

Re­forms sup­ported through the Sus­tained Pri­vate Sec­tor-Led Growth Re­form Pro­gramme in­clude the draft­ing of the Pub­lic En­ter­prises Act 2019, which was passed by Fiji’s par­lia­ment in May 2019. for SOE di­rec­tors have also re­sulted in a near doubling of the per­cent­age of fe­male di­rec­tors in one year. To boost for­eign in­vest­ment and trade, new leg­is­la­tion on in­ter­na­tional ar­bi­tra­tion has come into force, and the gov­ern­ment is strength­en­ing its poli­cies on in­vest­ment and com­pe­ti­tion, with sup­port from devel­op­ment part­ners. To make it eas­ier for moth­ers to en­ter and re­main in the paid work­force, the gov­ern­ment in­creased paid ma­ter­nity leave and in­tro­duced pa­ter­nity leave and fam­ily care leave, which be­came ef­fec­tive in Jan­uary 2019.

2030 strat­egy

The pro­gramme sup­ports ADB’s Strat­egy 2030 op­er­a­tional pri­or­ity fo­cused on strength­en­ing gov­er­nance and in­sti­tu­tional ca­pac­ity, par­tic­u­larly in small is­land de­vel­op­ing states.

It ef­fec­tively main­streams gen­der is­sues through pol­icy ac­tions that im­prove women’s ac­cess to ser­vices, op­por­tu­ni­ties, and de­ci­sion­mak­ing.

The pro­gramme sup­ports the im­ple­men­ta­tion of the gov­ern­ment’s re­form agenda and the Na­tional Devel­op­ment Plan.

It was de­vel­oped in part­ner­ship with the World Bank and the Gov­ern­ment of New Zealand, which also pro­vide bud­get sup­port to Fiji.

Pro­gramme ac­tions were achieved with tech­ni­cal as­sis­tance from ADB, co­fi­nanced by the gov­ern­ments of Aus­tralia and New Zealand, and from the In­ter­na­tional Mon­e­tary Fund’s Pa­cific Fi­nan­cial Tech­ni­cal As­sis­tance Cen­tre and the World Bank Group. ADB is com­mit­ted to achiev­ing a pros­per­ous, in­clu­sive, re­silient, and sus­tain­able Asia and the Pa­cific, while sus­tain­ing its ef­forts to erad­i­cate ex­treme poverty.

In 2018, it made com­mit­ments of new loans and grants amount­ing to $21.6 bil­lion.

Es­tab­lished in 1966, it is owned by 68 mem­bers 49 from the re­gion.

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