EU and PIFS sign agreements totaling EUR 94 million to boost climate-sensitive business, trade and investment in the Pacific

The European Union (EU) and the Pacific Islands Forum Secretariat (PIFS) signed financing agreements for the Pacific Regional Integration Support Programme (EUR 37 million, approximately 88.9 million FJD) and the Investment Facility for the Pacific (EUR 57 million, approximately 137million FJD).

“Today’s signature marks an important milestone in the longstanding partnership between the Pacific and the European Union. As of today, all 11th EDF Pacific regional programmes have been approved and 100% of the funds (in total EUR 197 million) have been committed. While preparing the operational launch of these 11th EDF Programmes in the Pacific, we are also making good progress in the negotiations on the Post-Cotonou Agreement, which will shape the future Pacific-EU partnership,” said Secretary-General of the PIFS, Meg Taylor, DBE.

The private sector is a key partner for sustainable development and essential for attaining the UN’s 2030 Sustainable Development Goals. The Pacific Regional Integration Support Programme (PRISE) seeks to strengthen the regional trade- and business enabling environment in line with the regional economic integration goals set out in the ‘Blue Pacific’ identity. It will also assist Pacific businesses seize new opportunities arising under the EU-Pacific Economic Partnership Agreement. The Investment Facility for the Pacific, on the other hand, will provide grant funding to leverage critical investments in the Pacific in partnership with International Financial Institutions. All this will be done in a climate-smart way, aiming at sustainable growth of the blue and circular economies in the Pacific.

Over the next 5 years, the PRISE programme will provide support to 15 Pacific Island Countries. The main implementing partners include: the Asian Development Bank (ADB), the Pacific Islands Forum Secretariat (PIFS), the Pacific Community (SPC) and, the United Nations Conference on Trade and Development (UNCTAD). Support will focus on: trade facilitation (customs & biosecurity), regional aid-for-trade coordination as well as on strengthening strategic value-chains and improving the business enabling environment.

Original source: PIFS
Published on 11 February 2020