Rarotonga: Saudi Arabia has announced US$50 million (FJ$ 11,390,8000) to kick start the Pacific Resilience Facility.

This was confirmed on Friday by Forum Chair and Cook Islands Prime Minister Mark Brown after their meeting with Forum Dialogue partners at the sidelines of the 52nd Pacific Islands Forum Leaders Meeting in Cook Islands.

In the Forum Leaders Communique issued after their retreat in Aitutaki, Leaders reaffirmed their support for the Pacific Resilience Facility (PRF), recognising it as a Pacific-led, Member-owned and managed community resilience financing facility.

Leaders noted the review, reframe and re-design of the PRF in a post-COVID-19 landscape, as considered and endorsed in 2023 by Forum Economic Ministers.

Leaders endorsed the Declaration on the Establishment of the Pacific Resilience Facility and noted the forthcoming global pledging event to capitalise the PRF.

Leaders recognised Australia’s and New Zealand’s commitments to contribute to the capitalisation of the PRF, and strongly urged all partners to contribute to funding the PRF capitalisation target of USD$500m.

Source- PACNEWS