Page 30 - IB JAN 2019

Business Intelligence - FIJI

sites of ADB’s 52nd Annual Meeting
of its Board of Governors, scheduled
for the first week of May.
“The government has exercised
prudent macroeconomic manage-
ment in recent years,” Nakao said.
“This has attracted new investments
and created an environment in
which businesses can grow and gen-
erate more jobs. ADB will continue
to work closely with Fiji to support
the country’s efforts to achieve sus-
tained, inclusive, private sector-led
growth that brings benefits to the
entire population,” he added.
Fiji had achieved steady growth
since 2010 – longer than any pe-
riod since it gained independence
ADB President Takehiko Nakao (right) with RBF governor Ariff Ali. Photo: ADB in 1970, the ADB President said.
But with average annual growth
Fiji impresses ADB President between 2010 and 2018 estimated at 3.1 per cent, Nakao said
there was room to better this performance.
ADB’s financial commitments range from loans to conces-
By Dionisia Tabureguci sional loans to grants and technical assistance, where it pours
millions of dollars to assist member countries in economic
THE Asian Development Bank (ADB), one of Fiji’s traditional development.
international financier and development partner, has expressed Since Fiji became an ADB member in 1970, it has received
satisfaction at the Fiji government’s management of public F$593 (USD279m) million in assistance from the bank ac-
finance. cording to President Nakao.
ADB President Takehiko Nakao, who led a high level delega- With the private sector being the engine of growth for any
tion visit to the island country early in the month commended economy and the ADB a firm believer in private sector devel-
Fiji’s “impressive economic growth and prudent fiscal manage- opment, Fiji has been the recipient of F$15 million (USD7.07)
ment” as he met with senior government ministers including since 2014 from the ADB to assist in this area.
Prime Minister Voreqe Bainimarama, Attorney General Aiyaz “The Sustained Private Sector-Led Growth Reform Pro-
Sayed-Khaiyum and Reserve Bank Governor and ADB Alter- gramme is helping the government rebalance the economy from
nate Governor Ariff Ali. its present focus on public investment towards greater private
The delegation was in Fiji to discuss strengthening and sector participation. The programme supports improvements
expanding the longstanding Fiji-ADB partnership as well as
to visit facilities in Denarau and Natadola which will be the Continued on page 34

KOICA powers hydro project the Global Green Growth Institute (GGGI) and is being overseen
AN agreement between Fiji’s Ministry of Economy and the Korea by EFL and the Fijian Government, with inputs from KOICA.
International Cooperation Agency (KOICA) will soon see a major The feasibility study is expected to be completed by early 2019,
new renewable energy project in the country. KOICA will provide including environmental and social impact assessments. The
$7 million (US$3.2 million) for a solar energy installation on KOICA funding will also provide technical assistance support
Taveuni Island. This will complement and enhance the current directly to EFL to assist in implementation of the project once the
hydropower plant and ensure that electricity generation on the feasibility study is complete.
island remains 100 per cent renewable. The project on Taveuni
is part of Fiji’s Nationally Determined Contribution (NDC) Imple-
mentation Roadmap and its recently-launched Low Emission Cooks-Fiji flights ‘canned’
Development Strategy. “This new agreement between the Fijian TWO charter flights that were to have offered non-stop travel
Government and KOICA is another step towards implementation to and from Fiji during the festive season have been cancelled.
of our national target of 100 per cent renewable electricity and Air Rarotonga announced the flights last October. The plan was
meeting our international commitment to the Paris Agreement to operate them using chartered Fiji Airways A330-200 aircraft
to cut Fiji’s emissions by 30% by 2030,” Permanent Secretary with a capacity of 230 economy and 16 business class seats. The
of Economy, Makereta Konrote said.“By doing so, we’re show- charters were aimed at members of Rarotonga’s expatriate Fijian
ing that Fiji is once again leading the world by example. We are community wanting to go home for Christmas and for their rela-
grateful for the support from KOICA to meet these important tives wanting to visit the Cook Islands. Air Rarotonga managing
objectives.” The solar project on Taveuni will be implemented by director Ewan Smith said the flights had been ‘canned.’ “We didn’t
Energy Fiji Ltd (EFL), in partnership with the Fijian Government establish sufficient demand for us to go ahead with it. Good try,
and KOICA. A feasibility study for an estimated 1MW of solar but we probably got to market a bit late. We might have another
energy with storage is currently underway with the support of go next year, but get into the market a lot earlier.”

30 Islands Business, January 2019