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Fiji and Japan have agreed to an emergency loan of FJD$200 million (US$100 million) as part of COVID-19 response to revitalise the local economy.
Prime Minister Voreqe Bainimarama signed the loan agreement on Monday, signaling the largest single economic development contribution from Japan since the two nations developed bilateral ties.
The emergency loan support will enable the government to implement its planned activities for the financial year 2020 to 2021.
The funding is expected to direct resources for COVID-19 response such as strengthening health and medical services.
The $200m loan comes with concessions such as a 0.01% interest rate and 15 years of repayment period with 4 years grace period.
SOURCE: FBC NEWS/PACNEWS
Pacific Islands News Association
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