Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

WORLD BANK BOOST FOR FIJI

  • CBC News Team
Total
0
Shares
0
0
0

Support to strengthen country’s Business Environment, improve access to Finance and enhance resilience to Climate Change

The World Bank’s Board of Executive Directors have approved US$64 million in support for Fiji’s efforts to strengthen its medium-term fiscal sustainability, improve the country’s business climate and build resilience to climate change.

The new operation will also support enhancements to Fiji’s business environment through improvements to Fiji’s business registration procedures, as well as improved access to finance – particularly for women. It is the second in a series of two World Bank operations to support Fiji.

“Fiji’s surging partnership with the World Bank is represented by far more than the monetary value of development assistance. It represents climate-resilient infrastructure, opportunities for Fijian entrepreneurs – particularly women – and a surer pathway towards Fiji’s sustainable development. This significant funding commitment from the World Bank is testament to Fiji’s advocacy for expanding access to climate finance and our strategic effort to bolster our fiscal sustainability,” said Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum.

“We look forward to working with the World Bank – and all of our development partners – to continue growing the pool of development finance in the interest of protecting our progress from climate impacts, empowering Fijians to seize economic opportunities and keeping our economy on a sustainable trajectory of growth.”

“Our growing partnership with Fiji is based on a strong spirit of working together to tackle complex challenges,” said Michel Kerf, World Bank Country Director for Papua New Guinea and the Pacific Islands. “We are pleased to be delivering support to Fiji that will ultimately deliver more stability to Fiji’s economy, more climate-resilient infrastructure, and an improved business environment that will ensure more people – particularly Fijian women – can start and grow their businesses.”

This operation is aligned with Fiji’s National Development Plan and will support government efforts to strengthen fiscal sustainability. It has been developed in cooperation with the Asian Development Bank and the New Zealand Government. It will also support efforts to strengthen private sector investment in Fiji with support from the World Bank’s sister organization, the International Finance Corporation, including through improving policies on investment and work to help streamline the approval processes for starting a business. 

In addition, the operation will strengthen the disaster and climate resilience of schools, homes, and critical transport and water supply infrastructure, including through improved guidelines and implementation of Fiji’s building code. These improvements will aim to help save lives, prevent the loss of infrastructure and reduce the risk of major shocks to Fiji’s economy. 2016’s Cyclone Winston, for example, caused FJ$2.9 billion (US$1.3bn) in damages and losses; the equivalent of nearly 20 percent of the country’s GDP.

The operation consists of two individual US$29m credits from the International Development Association, the World Bank’s fund for the most in-need countries, in addition to a US$6m loan through the World Bank’s International Bank of Reconstruction & Development. One of these two IDA credits is being delivered through the World Bank’s IDA Scale-Up Facility, provided to select projects that deliver transformative impacts. The operation also benefits from technical assistance from the ADB, the governments of Australia, New Zealand and the European Union, together with support the International Monetary Fund’s Pacific Financial Technical Assistance Centre.

Earlier this year the World Bank Group opened its new South Pacific hub in the Fijian capital, Suva, and in July 2019 Fiji gained access to funding through IDA. With the addition of this new operation, the World Bank currently has active projects in Fiji totalling FJ$262 million (US$120m) in commitments across sectors including telecommunications, transport and climate resilience.

Read More: International Development Association

Fiji_Flag.jpg

Image display type

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

KENYA – CALL FOR MORE PARTNERSHIPS IN HEALTHCARE DELIVERY

  • CBC News Team
Read More
Next Article

GOOD HEALTH PARAMOUNT FOR ECONOMIC GROWTH AND PROSPERITY

  • CBC News Team
Read More
You May Also Like
Peter Obi lands surprise victory in Lagos
Read More
  • Uncategorized

Peter Obi lands surprise victory in Lagos

  • CBC News Team
  • 27 February 2023
New Zealand declares national emergency as Cyclone Gabrielle pummels the country
Read More
  • Uncategorized

New Zealand declares national emergency as Cyclone Gabrielle pummels the country

  • CBC News Team
  • 17 February 2023
Flag of Nauru
Read More
  • Uncategorized

Celebrating Nauru Independence Day

  • CBC News Team
  • 31 January 2023
Malta encourages bilingualism with new policy
Read More
  • Education & Youth
  • EDUCATION
  • MALTA
  • EUROPE
  • Uncategorized

Malta encourages bilingualism with new policy

  • CBC News Team
  • 12 January 2023
Read More
  • Uncategorized

FREEDOM DAY – SOUTH AFRICA

  • CBC News Team
  • 27 April 2022
Read More
  • Uncategorized

Anzac day

  • CBC News Team
  • 25 April 2022
Read More
  • Uncategorized

HM THE QUEEN MARKS 70 YEARS AS HEAD OF COMMONWEALTH

  • CBC News Team
  • 5 February 2022
Read More
  • Uncategorized

NATIONAL DAY – GIBRALTAR

  • CBC News Team
  • 10 September 2021
OUR LATEST PUBLICATION

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • Commonwealth Day 2023
    Commonwealth Day 2023
  • Celebrating Mauritius Independence Day
    Celebrating Mauritius Independence Day
  • Flag of Ghana
    Celebrating Ghana Independence Day
  • Zambia gets £1.6 million injection to address water shortages
    Zambia gets £1.6 million injection to address water shortages

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.