Diplomacy

World Bank opens new office in Fiji

The World Bank Group and the Fijian government celebrated their deepening partnership yesterday, with the formal opening of a new office in Suva.  The new office will be serviced by four World Bank staff members and International Finance Corporation located at Ra Marama house. Attorney-General and Minister of Finance Aiyaz Sayed-Khaiyum said it is great news […]

Nacanieli Tuilevuka

May 25, 2016 8:30 am

The World Bank Group and the Fijian government celebrated their deepening partnership yesterday, with the formal opening of a new office in Suva. 

Acting Prime Minister and Minister for Finance, Aiyaz Sayed-Khaiyum (middle) at the opening of the world bank office at Ra Marama House in Suva yesterday. (World Bank)
Acting Prime Minister and Minister for Finance, Aiyaz Sayed-Khaiyum (middle) at the inauguration of the world bank office at Ra Marama House in Suva yesterday. (World Bank).

The new office will be serviced by four World Bank staff members and International Finance Corporation located at Ra Marama house.

Attorney-General and Minister of Finance Aiyaz Sayed-Khaiyum said it is great news that the World Bank is moving to Fiji permanently with an office.

KHAIYUM: “The recommencement of loans is symbolic as we have seen a renewed focus on infrastructure development. For the International Finance Corporation we have some exciting opportunities coming up, as the Government is focused on developing the private sector.”

World Bank Country Director for Papua New Guinea, Timor-Leste and the Pacific Islands, Mr Franz Drees-Gross said this office will strengthen their work and collaboration with the Fijian Government.

DREES-GROSS: “Having a national presence will mean faster action on the ground, and a better understanding of Fiji’s unique needs and development challenges. A stronger presence in Fiji will also allow us to support other Pacific Island states more effectively.”

The World Bank already supports some projects in Fiji, including a $106.22 million loan for the Transport Infrastructure Investment Project, which aims to reduce the backlog of maintenance work on roads and maritime infrastructure.

The World Bank Group has been active in Fiji since the 1970s.

From 1971 to 1992 the government of Fiji borrowed $325.05 million from the World Bank for 13 projects, which have all been repaid.

Since 1980 International Finance Cooperation, the private sector arm of the World Bank Group has invested $60.55 million in seven projects.

The World Bank Group’s activities in the country are guided by the 2015-2017 Country Engagement Note, a 24-month program to strengthen the partnership with the government.

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