Fiji, Japan sign standby disaster loan financing agreement

Suva, Sept 18 (SocialNews.XYZ) Fiji and Japan signed an exchange of notes on Wednesday for a second stand-by disaster loan financing of around 72.0 million Fijian dollars (around 32.4 million US dollars), which will assist in any future needs for disaster recovery and rehabilitation.

According to Fijian Deputy Prime Minister and Minister for Finance Biman Prasad, the loan facility comes with a 40-year term, including a 10-year grace period, and carries an interest rate of 0.4 per cent per annum.

He said the financing can be accessed once a 'Declaration of Natural Disaster' is declared by the cabinet on the advice of the National Disaster Management Council, Xinhua news agency reported.

Prasad also stressed that as a country prone to frequent natural disasters and adverse effects of climate change, Fiji has to be always prepared.

Source: IANS

Facebook Comments

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

Share

This website uses cookies.