Minister for Economy Aiyaz Sayed-Khaiyum says they are continuously trying to get more funding from the World Bank through the International Development Association because of their concessional terms.
Sayed-Khaiyum highlighted this while replying to SODELPA MP Lynda Tabuya’s question on what is the arrangement for the $429 million provided under the World Bank Group Country Partnership Framework for Fiji over the next four years.
The Attorney General says this is because the International Development Association entails very concessional loan terms with a service charge of 0.75% and a repayment period of 40 years.
Sayed-Khaiyum says this also includes a 10 year grace period.
He also says the $429 million provided by World Bank will be used for social protection programs, COVID-19 response project, economic and climate resilience development policy operation, as well as the Vanua Levu tourism development project.
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Sayed-Khaiyum adds that World Bank has also provided US$300 million through the International Finance Corporation for potential private sector funding.
He says the private sector can participate by way of equity in various projects or they can lend directly.
