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Monday, 03 April 2017

EU and PIFS on Pacific investment projects

EUROPEAN Commission Director-General for International Cooperation and Development, Stefano Manservisi and Secretary General of the Pacific Island Forum (PIFS), Dame Meg Taylor, has signed the European Union (EU) “Investment Facility for the Pacific” to support and promote sustainable development in the Pacific. The agreement, signed in Suva is worth €20 million (FJD$44 million) and is aimed at supporting Pacific regional investment projects through the Investment Facility for the Pacific, a mechanism that supports inclusive and sustainable growth in the Pacific by combining EU grants with other public and private sector resources such as loans and equity in order to leverage additional financing and achieve investments in infrastructure as well as support to private sector. Director-General Manservisi reaffirmed the role of the European Union as a reliable partner of the Pacific and highlighted the importance of the Investment Facility for the Pacific. “By contributing EU funds in form of investment grants, technical assistance, guarantees or risk sharing capital, the Facility will help to unlock investment capital that would otherwise not be available,” said Manservisi who met with senior officials of the Government of Fiji last week.

Source: Pasifik