The Ministry of Finance has highlighted the key role of the World Bank in advancing Fiji’s development objectives, particularly in infrastructure, social protection, and disaster resilience. Minister Esrom Immanuel stated that since becoming a member of the World Bank in 1971, Fiji has effectively utilized its funding to propel critical projects. Presently, approximately 12.5% of Fiji’s total debt, which amounts to around $1.35 billion, is held with the institution.
Fiji’s current partnership with the World Bank has enabled access to both concessional loans from the International Development Association and market-based loans from the International Bank for Reconstruction and Development. This favorable status allows Fiji to secure long-term financing with beneficial terms, including 40-year loans with a 10-year grace period from the IDA, which significantly supports essential sectors vital to the nation’s growth.
One notable initiative funded by the World Bank is the multiphase Vanua Levu Tourism Development Project. This $450 million project is geared towards promoting sustainable tourism and is projected to create approximately 60,000 jobs for Fijians in historically underserved areas over the next ten years. Additionally, investments in climate-resilient transport infrastructure are ongoing, with dedicated financing of approximately 220 million Fijian dollars aimed at adapting to climate shocks.
The World Bank also facilitates regional projects that bolster Fiji’s leadership in addressing public health systems, trade logistics, banking correspondences, and education outcomes throughout the Pacific Islands. This is aligned with the broader strategy articulated by Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, who has called for increased collaboration with the World Bank to reinforce Fiji’s economic ambitions.
In recent discussions, Prasad emphasized the importance of enhancing financial support from the World Bank to see through Fiji’s National Development Plan and related infrastructure projects. His advocacy included addressing vital sectors like renewable energy, job creation, and climate finance, which are critical for the unique challenges faced by small island economies.
Fiji’s proactive engagement with the World Bank, underpinned by a commitment to sustainable development and resilience, offers a hopeful outlook as the nation collaborates with international partners to navigate future economic and environmental challenges. The ongoing financial support signifies a concerted effort towards building a more resilient and prosperous future for Fiji.