The Fiji Development Bank will facilitate Green Climate Funds as much as $10 million per capital project, at an interest rate of five per cent per annum.

But the projects must be environmentally eco-friendly in nature, the bank’s Chief Executive Officer Saud Minam said.

“These include projects that were recycling plants, electric vehicles, and solar panels and plastic,” he said.

The announcement yesterday followed a signing ceremony between the bank, Ministry of Agriculture and Environment.

Minister for Agriculture, Mahendra Reddy, said: “Let us now consider this as ground zero in the mammoth work that we are to deliver going forward.”

The memorandum of understanding governs the environmental and social safeguard processes engaged in the distribution of funds.

The occasion marks the commencement of the first stage of accreditation.

The second stage of accreditation will involve a $50,000 loan ceiling.

Mr Reddy said the MOU would also guard against business interests that were being hurried in the name if COVID-19.

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