18 Jul 2016

Fiji inks $US100m loan with World Bank, ADB

2:42 pm on 18 July 2016

Fiji's government has signed a US$50 million loan agreement with the World Bank to assist in ongoing recovery needs after Tropical Cyclone Winston.

In the same signing ceremony, an additional US$50 million loan was sealed with the Asian Development Bank, bringing the total amount to US$100 million.

A house near Rakiraki damaged by Cyclone Winston.

A house near Rakiraki damaged by Cyclone Winston. Photo: RNZ / Juliette Sivertsen

A statement from the World Bank said that the loan would enhance the country's efforts to protect the most vulnerable and strengthen the country's broader, disaster-responsive objectives.

According to the Bank, the total damage and losses resulting from Cyclone Winston are estimated at US$1.38 billion, or 31 percent of Fiji's GDP.

This includes US$959 million in damage and losses to Fiji's productive, social and infrastructure sectors.

Nearly 130,000 homes were damaged or destroyed, affecting approximately 15 percent of Fiji's total population.

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