Tonga’s Prime Minister, Hu’akavameiliku, promoted the Pacific Resilience Facility (PRF) at a United Nations side event last week during the 79th session of the UN General Assembly. As chair of the Pacific Islands Forum, Hu’akavameiliku emphasized the need for global support for the PRF, which is designed to fund projects benefiting Pacific Islands impacted by climate events.
Tonga, recently confirmed as PRF’s administrator, will oversee the investment-based facility aimed at raising US$500 million by 2025, with a long-term target of US$1.5 billion.
At the event, Hu’akavameiliku highlighted, “The PRF is the Pacific’s response to the challenges of accessing climate finance. It symbolizes the unity and solidarity of Pacific Islands.”
The PRF Council, composed of Pacific Finance Ministers, will govern the facility with guidance from the World Bank to ensure sound investment practices. The facility aims to support vulnerable communities by 2026.
Source: PACNEWS
