Indra Singh Manager News and Sports
[email protected] | @IndraFBC
January 22, 2021 11:04 am
The World Bank Group has today announced a new strategy for Fiji worth over one billion dollars.
The World Bank will be providing over $429 million, while IFC will pump in over six hundred million dollars.
A statement released today says the Fijian Government and the World Bank Group have agreed to a new strategy in Fiji over the next four years.
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The WBG says central to the strategy is a focus on supporting Fiji’s recovery from the economic and social impacts of COVID-19, as well as severe Tropical Cyclones Harold and Yasa, in addition to the ongoing impacts of climate change.
New World Bank Group Plan for Fiji to Focus on Recovery and Resilience from COVID-19 and Cyclones
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WASHINGTON D.C., January 21, 2021 – Today, the Board of Executive Directors of the World Bank Group (WBG) discussed the new framework for its engagement with Fiji over the next four years, aimed at boosting the Fijian economy and strengthening its fiscal, climate and social resilience following the impacts of two tropical cyclones, and the devastating fall-out from the COVID-19 pandemic.
The
World Bank Group’s Country Partnership Framework for Fiji, the first for Fiji, provides a strategic road-map of priority activities for World Bank Group member organizations: the World Bank; the International Finance Corporation (IFC) which focuses on the private sector in developing countries; and the Multilateral Investment Guarantee Agency (MIGA), which offers risk insurance and credit enhancement guarantees.
Australia provides $35 million support to Fiji
Australia provides $35 million support to Fiji
Minister for Economy Aiyaz Sayed-Khaiyum and Acting Australian High Commissioner to Fiji Anna Dorney [Image: fijivillage]
Australia has provided $35 million support to help Fiji cope with the economic and social impacts brought by the COVID-19 pandemic.
The funds will be used to support initiatives such as the social welfare payments where $31 million will be allocated to the Poverty Benefit Scheme and $4 million will be directed towards budget support.
Minister for Economy Aiyaz Sayed-Khaiyum says they can now use the money which was earlier allocated for Social Welfare to provide assistance for those who have been affected by TC Yasa.