SUVA, Jan. 22 (Xinhua) -- The World Bank Group announced a new strategy for Fiji worth over 1 billion Fijian dollars (about 491.8 million U.S. dollars) to assist with economic recovery amid COVID-19 and the aftermath of two cyclones hitting the country last year.
According to Fiji Broadcasting Corporation (FBC) on Friday, the World Bank will provide over 429 million Fijian dollars (around 210.9 million U.S. dollars), while International Finance Corporation (IFC) will pump in over 600 million Fijian dollars (around 295.1 million U.S. dollars).
A statement released Friday said the Fijian government and the World Bank Group agreed to a new strategy in Fiji over the next four years.
The World Bank Group said 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.
This is 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 Country Partnership Framework for Fiji, the first for the island nation, provides a strategic roadmap of priority activities over the next four years for World Bank Group member organizations.
The focus of this is on the private sector in developing countries and the Multilateral Investment Guarantee Agency, which offers risk insurance and credit enhancement guarantees.
World Bank Resident Representative for Fiji Lasse Melgaard said the World Bank Group's support to Fiji had increased significantly in the past five years and they were delighted to see the partnership deepen further. Enditem
