PRIME Minister Voreqe Bainimarama, while addressing guests during the Fiji Development Bank’s (FDB) 50th anniversary celebrations on Friday, announced that Government had nominated FDB to become a national accredited entity under the Green Climate Fund (GCF).
He said this was part of Government’s strategy to climate-proof our infrastructure and boost the resilience of the Fijian economy.
“This accreditation will grant us better access to the critical finance we need to adapt the Fijian economy and stave off climate catastrophe for the Fijian people,” Mr Bainimarama said.
He said the GCF was the global fund that supported efforts of developing countries to adapt their economies to the impacts of climate change by improving access to finance to fund low-emission and climate-resilient developments. Mr Bainimarama said the process of accreditation was not easy but that FDB was well on its way to becoming accredited.
“Giving the bank direct access to climate finance that will fund critical adaptation work throughout the country,” he said.
He said we relied too heavily on multilateral institutions to administer adaptation financing for the Pacific.
“Once it achieves accreditation, the FDB will step into that space, becoming the key agency in Fiji for co-ordinating climate action. And the FDB board, and in particular the management and staff, need to make this an area of major focus going forward.”
He said Severe Tropical Cyclone Winston was a brutal lesson for Fiji and it exposed many of our vulnerabilities to the severe effects of climate change and we could not risk putting ourselves in that position again.
“The FDB will soon be on the frontlines of our work to ready Fiji for the storms we know are headed our way — forging innovative solutions to keep our growth climate resilient and funding projects that will adapt our network of infrastructure to better serve the Fijian people even in times of crisis,” he said.
Mr Bainimarama said it would be a tremendous responsibility for FDB.
“But I have every confidence that the FDB, its board, management and staff, are the right team to lead Fiji into a climate-resilient future. Alongside my Government, we will keep our economic growth sustainable, keep up our businesses prosperous and keep the Fijian people secure.”
The FDB’s 50th anniversary celebrations was held at the Grand Pacific Hotel and invited guests included Speaker Dr Jiko Luveni, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum, members of Parliament, government representatives, FDB board members, staff, customers and the media.
