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Upon the request from the Government of Fiji following severe damages caused by TC Harold, Japan has disbursed 2.15 billion JPY (FJD$44.7 million) through Japan International Cooperation Agency (JICA).
This stand-by loan facility was introduced to promptly meet financial needs during the recovery and reconstruction period after disasters. Since the loan agreement was signed, under the agreement between Government of Japan and Fiji Government, Fiji will now be able to access the funds without delay, after declaring a state of natural disaster due to TC Harold.
The loan facility will also support the disaster risk reduction policy actions of Fiji and respond to the temporary financial needs in the aftermath of TC Harold. It can also help improve disaster risk management capabilities and provide prompt support for recovery and reconstruction.
It will provide fund up to 5 billion JPY (FJD$105 million). Fiji Government formally requested for 2.15 billion JPY (FJD$ 44.7 million) for TC Harold recovery. This rapidly deployable funding has an extremely low interest rate of 0.01% interest with a 40-year tenure and a ten-year grace period.
The Government and people of Japan has conveyed their deepest sympathies to the people of Fiji for the damages and losses, hoping that this resilient country would be able to build back better
SOURCE: JAPAN EMBASSY/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
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