[Photo: SUPPLIED]
The Fiji Development Bank is working on a proposed guarantee facility to improve access to climate finance for farmers and agribusinesses.
The Green Climate Fund has approved project preparation support for the Fiji Climate-Smart Agriculture Guarantee.
The support will help FDB develop a full funding proposal over the next nine months, with the aim of strengthening Fiji’s agricultural sector against climate change.
FDB Chief Executive Officer Filimone Waqabaca says the initiative also aims to attract more investment into Fiji’s agricultural sector.
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“This approval represents an important milestone in FDB’s efforts to expand climate finance to Fiji’s natural sectors that we intend to do by listening to our farmers, fishers, foresters, agribusiness entrepreneurs and other relevant stakeholders to develop an innovative guarantee facility that can unlock greater investment in climate-smart agriculture and strengthen livelihoods across Fiji.”
The project will assess potential investments in climate-resilient crops, water management systems, cooling equipment and cyclone-resilient agricultural infrastructure.
Green Climate Fund Regional Director for Asia and the Pacific, Hemant Mandal says Small Island Developing States face significant climate risks but often struggle to access financing.
The project preparation support will help FDB develop a funding proposal for consideration by the Green Climate Fund Board.
The proposed initiative must undergo further review before funding for the full project can be approved.