$1B infrastructure projects and climate-resilient investment opportunities post-COP29 - Prof. Prasad

The construction industry is in a good state as infrastructure work worth more than a billion dollars is now in progress, and there is an opportunity for funding for climate-resilient projects in the next few years, following the signing of crucial agreements during the recent COP29.

This has been highlighted by Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, while speaking during the Fiji Association of Architects 2024 Awards Ceremony at the Fiji Museum last night.

Professor Prasad says the 2024/2025 National Budget has inspired a lot of confidence, where the economic growth forecast has been revised from 2.8 percent to 3.8 percent, but we might hit 4 percent.

He says that, contrary to last year’s predictions, tourism has continued to grow at about 6.5 percent cumulatively to July, compared to the same period the previous year and while remittances growth has not slowed down, he believes that we will have a much higher remittance compared to last year.

Professor Prasad says they have also seen a cumulative growth of about 19.4 percent in business lending.

The Deputy Prime Minister further says they are looking at an investment of $650 million in the next three or four years for the reforms the government will undertake to enhance Fiji’s public health facilities and services.

He says this will provide significant opportunities for investors, and also for people like architects.

He has also highlighted the operationalisation of the Loss and Damage Fund, worth $700 to $800 million; the commitment of US$300 billion annually until 2035 for developing countries to fight climate change; and the Pacific Resilience Fund, from which money can be available by 2026 or earlier, will provide excellent opportunities for many of our investors in the next few years.

Professor Prasad adds that we have to build about 700 seawalls in the next couple of years and relocate about 80 communities in Fiji.

The Deputy Prime Minister says that, as designers of the future Fiji, the architects have the exceptional opportunity to integrate climate-smart designs that reduce carbon footprints, conserve resources, and protect our natural environment.

Meanwhile, Chris Cole Architect walked away with the Main Award for designing Vuda House, a kit-set house, while the President’s Award was given to Engineered Designs.