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Wednesday, March 28, 2007

Asian Development Bank projects in Fiji on hold

The Asian Development Bank (ADB) has put on hold F$212 million worth of its capital projects in Fiji. The ADB said that the interim Government must provide assurance that it would resume its international responsibilities before the bank will resume funding projects in Fiji.

The assurance sought included a commitment to provide an environment that would ensure the successful completion of the four major development projects the bank has invested in.

These projects include :
  • the third road upgrading project of about F$65 million of which F$56 million has already been spent;
  • the ports development project of around F$28 million, all of which have been spent;
  • the Suva-Nausori water supply upgrade project of F$77 million of which F$30 million has been spent; and
  • the alternative livelihoods project of around F$41 million of which a few thousands of dollars has been used.

The ADB said that the cost of doing business in Fiji also needed to be improved to promote an investment climate where access to capital was enabled. (I had made a comment on the high costs of doing business in Fiji in an entry on this blog earlier.)

However, on a good note, the ADB said that Fiji was among two Pacific Island countries whose economy grew by 3.1% and enjoyed a faster expansion while the other countries in the region did not.

With Fiji's strategic location in the Pacific, its qualified workforce and its well established infrastructure, the country still remains a suitable destination for investors.

Note : Foreign investors that require advice and assistance on setting up business or investing in Fiji can use our company, Gilbert & Samuels Company Limited. To contact us, you can e-mail gilbert@connect.com.fj or call telephone (679) 3396427.

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