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Funding support to Fiji

As requested by the Government of Fiji, India will extend funding support of US$ 700,000 from the India-UN Development Partnership Fund for the project “scaling climate disaster risk financing framework and parametric insurance”.

2. The project seeks to extend parametric insurance digital solutions to households most vulnerable to climate catastrophe. The project expects 5,000 households and 200 MSMEs to register and benefit from the new parametric scheme. The scheme will include heavy wind and heavy rainfall products as well as insurance products specifically for micro, small and medium-scale enterprises. It will develop financing solutions like digital savings and parametric micro-insurance products specifically for women and expand customer education campaigns.

3. The project will contribute to achieving Sustainable Development Goals (SDG 17 - strengthen the means of implementation and revitalize the global partnership for sustainable development).

4. The India-UN Development Partnership Fund, established by the Government of India in June 2017, provides support to projects in developing countries that aim to contribute to achieving Sustainable Development Goals. The Fund adheres to the principles of South-South cooperation and places a priority on national ownership and leadership, equality, sustainability, development of local capacity and mutual benefit. The Fund particularly welcomes proposals from least-developed countries, landlocked-developing countries and small-island developing states and supports projects that are in alignment with the 2030 Agenda. The United Nations Office for South-South Cooperation is the designated Fund manager.

5. The Permanent Representative of India Ambassador Ruchira Kamboj said, “India-Fiji relations are very special and deep rooted. The 12th World Hindi Conference held recently in Nadi reflected these long-standing and growing links.” “India and Fiji work closely in multilateral forums including at the United Nations. India’s funding support to Fiji for this project will assist local communities vulnerable to cyclone and related natural disasters”, Ambassador Kamboj added. She also said, “India’s support to Fiji is reflective of India’s commitment to further advance the 2030 Agenda in the global South”.

6. A total of US$ 150 million over the next decade has been committed by the Government of India for the Fund, which includes US$ 50 million to support fellow Commonwealth developing countries, US$ 14 million for the CARICOM group of countries and US$ 12 million for the Pacific Islands Developing States (PSIDS).