ACCOUNTABILITY and access to funding will be the focus of a €300 million investment package for Pacific nations announced by the European Union (EU).
EU Commissioner for International Partnerships, Jozef Síkela, highlighted the need for funders to have a clear understanding and some degree of control over how the funds would be used.
“We also bear responsibility towards the European taxpayers, from whom the grant money essentially comes, and of course, also the involved financial institutions, like the IBF,” he said.
“They also have their duties regarding oversight. So, naturally, there are measures in place to ensure that there is no misuse and that the money is used for its intended purpose in accordance with the agreement.”
With concerns raised by a stakeholder about difficulties in accessing the funds, Síkela said: “Our duties are not only towards European households and businesses but also towards the European Parliament.”
“We operate with clear criteria and impact measurements to ensure that the funds are invested as intended.
“This mainly pertains to sustainable and environmentally friendly projects, with the aim of reducing CO2 emissions and achieving the 2050 targets.”
Síkela said as a former banker, he was accustomed to evaluating feasibility and impact.
“I am always pleased when I can see the actual location and the project. Afterwards, I will continue to Vanuatu and then on to Papua New Guinea,” he said.
“Understanding these developments will help us to be even more precise in co-creating future plans that benefit both the local population in the Pacific and in Europe.’’