The Fiji Government and the Asian Development Bank have signed a $70 million loan agreement to support the country’s climate resilience and sustainable growth.
The agreement aims to improve Fiji’s governance, public finance management, trade, public investments, fiscal sustainability, private sector-led growth, and community and climate resilience.
The government has undertaken a comprehensive reform program with development partners over the past six fiscal years, which includes enhancing state-owned enterprises and government agencies, improving trade, public investments, fiscal sustainability, and promoting private sector-led growth.
Over the past six years, Fiji has received $500 million in direct budget support financing from the ADB and various programs.
The ADB Director General for the Pacific, Leah Gutierrez, is pleased to support the Fiji Government’s reform agenda and aims to reduce Fiji’s future debt service obligations and create more fiscal space for development spending.
The loan agreement is a concessional loan of 40 years, with a 10-year grace period and a 1% interest rate.
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