The Asian Development Bank and the Ministry of Economy today signed a $150 million loan agreement to boost economic recovery and various other local sectors.
Asian Development Bank Regional Director Aaron Batten said their support for Fiji’s sustainable and resilient recovery agenda is only possible through effective management of COVID-19 and the combined efforts of government, organizations and the population.
Batten adds that the agreement also supports climate change and green growth, which have long been cross-cutting themes in Fiji’s development agenda.
“The Sustainable and Resilient Recovery Program further reinforces Fiji’s longstanding commitment to the global climate agenda. Recognizing the dangers posed by climate change, Fiji was the first country in the world to ratify the Paris Climate Agreement in 2016.”
Economy Minister Aiyaz Sayed-Khaiyum said this AfDB funding will help developments and expand the government’s gender responsive budgeting.
“We now have five additional ministries implementing gender responsive budgeting. Initially we have the two ministries, Ministry of Fisheries, MCTTT and now we have Ministry of Education, Youth and Sports, Agriculture, Forestry, Women and Police.
Sayed-Khaiyum says this will help build the resilience of our economy, empower ordinary Fijians and create a better business environment for the private sector.
The sustainable and resilient recovery program includes a $60 million concessional loan and a $90 million ordinary loan.