ADB, Fiji Sign $70 Million Loan for Climate Resilience and Sustainable Growth

SUVA, FIJI (1 August 2024) — The Asian Development Bank (ADB) and the Government of Fiji have signed a $70 million loan agreement to support Fiji in building resilience against disasters and to help spur sustainable growth in the country.

Fiji’s Deputy Prime Minister and Minister for Finance Biman Prasad and ADB Director General for the Pacific Leah Gutierrez signed the agreements on the sidelines of the Forum Economic Ministers Meeting in Suva, Fiji.

The Sustainable and Resilient Growth Program comprises a $70 million policy-based concessional loan for subprogram 1 in 2024 and indicatively a $70 million policy-based concessional loan for subprogram 2 in 2026.

The program will support Fiji to accelerate reforms to improve the business and finance environment and boost resilience through strengthened resource mobilization and increasing the efficiency of public investment to support critical climate adaptation and mitigation priorities. The program also supports Fiji’s efforts to mainstream gender equality including the expansion of gender responsive budgeting to all line ministries and enhancing community preparedness for disasters. 

“ADB is pleased to be able to support the Government of Fiji’s ambitious reform agenda, said Ms. Gutierrez. “The program will enable Fiji to access highly concessional financing under ADB’s new lending terms for small island developing states. This will help reduce Fiji’s future debt service obligations and create more fiscal space for the government to finance development spending.”

“This program reflects the close partnership between the Government of Fiji and its development partners to support new policies and regulations that strengthen climate adaptation and mitigation, reduce barriers to private sector growth, and improve the transparency and quality of public financial management,” said Mr. Prasad.

The program is cofinanced by the governments of Australia and New Zealand and the World Bank, and benefitted from advisory work from the European Union.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.