The European Union has signed a $44 million Investment Agreement with the Pacific Islands Forum Secretariat that would support and promote sustainable development in the Pacific.
The European Commission Director-General for International Cooperation, Stefano Manservisi says the investment will support inclusive and sustainable growth in the Pacific, economic integration by strengthening regional trade and private sector involvement and on sustainable management of natural resources with specific focus on management of oceanic and coastal resources and management of waste.
He says the EU continues to contribute funds in the form of investment grants, technical assistance, guarantees or risk sharing capital and will help unlock investment capital that would otherwise not be available.
The Secretary General of the Pacific Islands Forum, Dame Meg Taylor, says today’s signing will help the Pacific recognize the strategic partnership between the Forum Secretariat and the EU and the importance of supporting investments to sustainable development for regional economic integration and sustainable management of natural resources.
Meanwhile the Investment Facility is funded through the 11th European Development Fund.