The Fiji Times » AfDB approves $150m loans for pandemic recovery efforts and climate resilience

The Asian Development Bank (AfDB) has approved $150 million in loans to help Fiji recover from the COVID-19 pandemic and build resilience to climate risks and disasters.

The loan agreements were signed yesterday in Suva by Attorney General and Minister of Economy Aiyaz Sayed-Khaiyum and Regional Director of AfDB’s Pacific Sub-Regional Office in Fiji Aaron Batten.

“This program builds on the results of the AfDB-supported Private Sector Sustained Growth Reform Program, which has helped the Government of Fiji create an environment in which the private sector can thrive and drive economic growth through investment,” Batten said.

“In addition to removing barriers to private sector investment, this new program will support government reforms aimed at building resilience, including the implementation of Fiji’s Climate Change Act, which is among the pieces of legislation the most complete in the world on the climate”.

The sustainable and resilient recovery program includes a concessional loan of $60 million and a regular loan of $90 million.

“From the start of the pandemic, the Fijian government focused on a green-blue recovery because we knew there was no alternative,” Mr Sayed-Khaiyum said.

“With AfDB’s support here today, we can continue to strengthen Fiji’s macroeconomic stability, improve access to finance for small businesses and boost economic confidence, providing the best business environment for the private sector. possible to drive economic growth.

Mr Sayed-Khaiyum added that the AfDB loan would go towards “the numerous budget announcements in terms of spending”.

Garland K. Long