Australia pledges nearly $2bn in loans and grants to Pacific nations

Asian Bankers association representative Amador Honrado (right) with Asian Development bank’s Bredina Drollet and Temporary Alternate Governor Taina Iro attend the Opening Session of the Board of Governors at the Asian Development bank’s 52nd Annual Meeting at Denarau Nadi. Picture: REINAL CHAND

AUSTRALIA has pledged nearly $2billion in loans and grants to Pacific Island nations through a new initiative targeting the water and infrastructure sectors.

Speaking at the Asian Development Bank (ADB) annual meeting in Nadi Wednesday, Australian High Commissioner John Feakes said the Australia Infrastructure Financing Facility for the Pacific was announced by Prime Minister (Scott) Morrison in November last year.

“It is a $2billion facility, $1.5b worth of loans and $500million worth of grants,” he said.

Read more on this story in today’s edition of The Sunday Times.

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