ADB and Fiji Sign $70M Loan to Boost Resilience and Sustainable Growth

Leah Gutierrez from ADB expressed enthusiasm about supporting Fiji’s reform agenda. “ADB is pleased to support the Government of Fiji’s ambitious reform agenda.

The Asian Development Bank (ADB) and the Government of Fiji have formalized a $70 million loan agreement aimed at enhancing the country's resilience to disasters and fostering sustainable growth. The agreement was signed by Fiji’s Deputy Prime Minister and Minister for Finance, Biman Prasad, and ADB Director General for the Pacific, Leah Gutierrez, during the Forum Economic Ministers Meeting in Suva, Fiji.

The Sustainable and Resilient Growth Program includes a $70 million policy-based concessional loan for 2024 (Subprogram 1) and an indicative $70 million loan for 2026 (Subprogram 2). This program is designed to accelerate reforms that improve Fiji’s business and financial environment, enhance resource mobilization, and increase the efficiency of public investment in critical climate adaptation and mitigation projects. Additionally, it supports efforts to integrate gender equality by expanding gender-responsive budgeting to all ministries and improving community preparedness for disasters.

Leah Gutierrez from ADB expressed enthusiasm about supporting Fiji’s reform agenda. “ADB is pleased to support the Government of Fiji’s ambitious reform agenda. 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,” she said.

Deputy Prime Minister Biman Prasad highlighted the collaborative effort behind the program. “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,” Prasad noted.

The program is co-financed by the governments of Australia and New Zealand, as well as the World Bank, and benefited from advisory support from the European Union.