24 November, 2017, 12:00 am
SEVERAL regional financing institutions are looking to tap into the Fiji Development Bank’s (FDB) knowledge and capacity on their Green Climate Fund (GCF) accreditation.
At the Association of Development Financing Institutions of the Pacific’s (ADFIP) 31st Annual Conference in Suva yesterday, heads of regional development banks, housing corporations and commercial banks discussed several financing opportunities in FDB’s GCF accreditation journey.
FDB, which is the first development bank in the region to be accredited for direct access to the GCF at a national level, had also shared their accreditation application journey to conference participants.
The Fijian Government had nominated FDB as a nationally accredited entity through which the green climate funds could be channelled.
According to ADFIP chairperson and Bank of the Cook Islands managing director Vaine Nooana-Arioka FDB’s accreditations presented alternatives of bringing about financing opportunities for the region.
“We wanted to tap into the knowledge that they have built in pursuing that accreditation and sharing that with the members,” Ms Arioka told this newspaper.
“So that we can either individually accredit or we can find a different way to tap into the green climate financing whether that be through FDB or other accredited entities.
“Because FDB is a member of ADFIP and they have undertaken that accreditation, being able to tap into their knowledge.”
With FDB being accredited, Ms Arioka said there were two other ADFIP members that were seeking accreditations.
This includes Federated States of Micronesia Development Bank (FSMDB) and the Cook Islands which were in their own accreditation application stages.
“There are potentially two other members that could also undertake accreditation.
“It is a long time and effort process but it is well much worth it at the end because it opens up access to green funds which we can put to renewable energy projects,” Ms Arioka said.
ADFIP is the umbrella organisation of development finance institutions in the Pacific.
It was established in 1986 to promote the interests of member organisations, to advance co-operation among them, and to help find solutions to problems they face with a view to promote growth, economic diversification while contributing ultimately to the development of Pacific Island countries.
Member countries represented were Samoa, Tonga, Federated States of Micronesia, Tahiti, Cook Islands, Kiribati, Tuvalu and BRED Bank — Pacific.