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Fiji formalises $102m World Bank loan

 

Apr 18, 2016 10:57:20 PM

Fiji formalises $102m World Bank loan 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.

Minister Sayed-Khaiyum said the signing means a lot to Fiji as not only does the country enjoys the confidence of the World Bank and IMF for its prudent economic management but with this facility, it will now have more than $102 million Fijian at the current exchange rate to dedicate to improving infrastructure and the performance of the economy as a whole.

Meanwhile the newly appointed World Bank Vice President for the East Asia Pacific Region, Ms Victoria Kwakwa has praised the Fijian Government for implementing innovative rehabilitation measures in the wake of Tropical Cyclone Winston.

She also welcomed the World Bank’s re-engagement with Fiji and expressed its willingness to support the country’s effort to strengthen its position as a Pacific hub for the economic benefit of the region as a whole.

Ms Kwakwa added that 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.

By Reginald Chandar

 

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