Saudi Arabia has announced US$50 million to kick start the Pacific Resilience Facility
This was confirmed by Forum Chair and Cook Islands Prime Minister Mark Brown after their meeting with Forum Dialogue partners on the sidelines of the 52nd Pacific Islands Forum Leaders Meeting in Cook Islands that closed on Friday, 10 November 2023.
“The announcement by Saudi Arabia for US$50 million to start seeding the Pacific Resilience Facility is a tremendous contribution and really sets the tone for the type of engagement that the Pacific is looking for.
We looking forward to seeing what other levels of engagements will come from our dialogue partners, observers and do forth,” PM Brown told Journalists in Rarotonga.
The difficulty of accessing global climate finance led to the creation of the Pacific Resilience Facility (PRF).
The design of the Pacific Resilience Facility was influenced by two compelling issues – the need to address extreme vulnerability of Pacific peoples caught in the climate emergency, and the burden of debt distress faced by Forum Islands members.
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-COVID19 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$500 million.
This story was written by Pita Ligaiula, originally published at PACNEWS on 13 November 2023.