Fiji to borrow US$50M from World Bank

Fiji has formally signed the US$50 million loan facility approved by the World Bank 16 months ago for improvements to the nation’s transport and infrastructure.

The signing ceremony took place in Washington during the current visit to the US by Attorney General Aiyaz Sayed-Khaiyum, who is attending the 2016 Spring Meeting of the World Bank and International Monetary Fund.

Aiyaz Sayed-Khaiyum said this is a very significant day for Fiji.

He added Fiji now has more than FJD$102 million at the current exchange rate to dedicate to improving Fiji’s infrastructure and the performance of our economy as a whole.

Sayed-Khaiyum thanked the World Bank on behalf of the Fijian Government for its assistance and support.

The facility which was approved in December 2014 is Fiji’s first from the World Bank in 23 years.