The Exchange of Notes Signing for the “Stand-by Loan for Disaster Recovery and Rehabilitation” Phase 2.
2024/9/18
On September 18, in Suva, the capital of the Republic of Fiji, H.E. Mr. Rokuichiro MICHII, Ambassador Extraordinary and Plenipotentiary of Japan to the Republic of Fiji, and the Honourable Biman Chand Prasad, Minister for Finance, Strategic Planning, National Development and Statistics of the Republic of Fiji, signed and exchanged notes for “the Stand-by Loan for Disaster Recovery and Rehabilitation (Phase 2)”, Yen loan up to 5 billion yen or approximately $82 million Fijian Dollars.
“The Stand-by Loan for Disaster Recovery and Rehabilitation (Phase 2)”
- Outline of the Project
Fiji is one of the countries in the Pacific region with the highest occurrence of natural disasters, such as cyclones. This project will support the Fiji Government's policy on disaster risk reduction and management. In addition, in order to prepare for the increased financial needs during post-disaster recovery, the project will support rapid recovery after a natural disaster by agreeing in advance that the Fijian government may request loans for disaster recovery costs upon declaration of natural disaster by the government.
- Loan terms
Interest rate: 0.4% per annum
Repayment period: 40 years (including a 10-year grace period)