PIFS, EU sign $44m grant deal
3 April, 2017, 12:00 am
IN its continued effort to support and promote sustainable development in the Pacific, the European Union signed a $F44 million grant agreement with the Pacific Islands Forum Secretariat (PIFS) in Suva.
The signing on Saturday was carried out by the European Commission’s Director-General for International Co-operation and Development, Stefano Manservisi and PIFS secretary general, Dame Meg Taylor.
Following the signing, Mr Manservisi reiterated that the EU was a reliable partner of the Pacific.
The EU says the agreement aimed to support Pacific regional investment projects through the Investment Facility for the Pacific — a mechanism that supports inclusive and sustainable growth in 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,” Mr Manservisi said. “This is particularly relevant for private capital, given that a stronger engagement of the private sector will be needed for sustainable development, including for climate action.”
Ms Taylor commended the EU for their continued effort in supporting PIFS and said the grant agreement recognised the strategic partnership between the Forum Secretariat and EU.
“And the importance of supporting investments to sustainable development for regional economic integration and sustainable management of natural resources,” she said.
The Investment Facility is funded through the 11th European Development Fund is an important tool for achieving sustainable and inclusive economic growth.