Page 25 - Islands Business March 2023

Insurance Insurance

MICRO-INSURANCE GAINING GROUND

Parametric insurance programs are seeing increasing pay- The United Nations Capital Development Fund (UNCDF)
outs to farmers, social welfare participants and persons with developed this microinsurance plan, which is delivered by
disabilities, and increased interest in the micro-insurance several locally-based insurance companies.
schemes. It extends to farmers and exporters, who also received pay-
In Fiji, 202 persons with disabilities received claim payouts outs following the January rainfall, prompting Nature’s Way
this month following intense rainfall in the country’s Western project officer, Maria Biakula to say they are expecting more
Division in January. of its members to join the program.
Over FJ$37,000 was paid out in what the Chief Executive The Pacific Insurance and Climate Adaptation Programme
of the Pacific Disabiity Forum calls, “a major step towards a (PICAP) is designed to develop market systems to facilitate
more equitable inclusion for persons with disabilities in the immediate cash liquidity to beneficiaries affected by extreme
country.” weather events like cyclones, heavy rainfall, droughts and
Setareki Macanawai continued: “Persons with disabilities more.
have always been affected exponentially by disasters where The longer-term aim is to “build financial preparedness and
many have lost their houses and even at times their only resilience of Pacific households, communities and small busi-
source of income. This move to have insurance specifically nesses”.
targeting persons with disabilities shows the commitment and The programme is available in a number of other Pacific
willpower of stakeholders to ensure that persons with disabili- Island nations.
ties are not left behind.”

EIB TO DEEPEN PACIFIC FOOTPRINT

The newly opened European Investment Bank office in
Suva will build on pipeline projects, including a planned
hydropower plant in Fiji, a major water and sanitation
project in Timor-Leste, rehabilitation and greening of port
infrastructure in Papua New Guinea, and a multipurpose
port in Kiribati.
Fiji’s Deputy Prime Minister and Minister for Finance, Bi-
man Prasad told Islands Business that the setting up of the
EIB office sends a strong message to the private sector about
the commitment of the Fiji government and its development
partners to develop and improve infrastructure.
The government has expressed its concern about the level
of national debt, and Prasad notes that EIB is operating in a
“somewhat competitive“ lending market.
“It could help if we have to borrow, even though we are key issues such as climate change and climate resilience,
in a tight fiscal situation already, that we could have some the energy crisis and food insecurity more efficiently. Look-
borrowing at rates which would be competitive, and which ing ahead, I am confident that we will be able to make a
could be useful and sustainable,” Prasad said at the EIB of- difference in helping to unlock green, sustainable and em-
fice opening. powering growth and development for Fiji and the Pacific
“But our focus right now, in the next budget, would be to region.”
look at how we can consolidate our fiscal position. It can be Since it began work in the Pacific region in the 1960s,
quite daunting. We are in a recovery phase right now, we the EIB says it has granted more than €760 million (US$814
don’t want to do anything to stall that recovery. So we have million) in loans and equity, and mobilised more than €5.1
to balance fiscal consolidation with investment in infra- billion (US$5.47 billion) in investment.
structure, investment in the social infrastructure, health, Benoit Cambier, who will head the office, says its aim is
social welfare education,” he continued. to also to develop new partnerships. “We expect to foster
EIB Global has signed a letter of intent with Energy Fiji our cooperation with the European Commission, other part-
Limited (EFL) to support two major renewable energy proj- ners and donors in delivering even more targeted support
ects, the Qaliwana and Vatutokotoko hydropower plants. for key projects in the Pacific region under Team Europe’s
The projects will help to increase the share of renewable Global Gateway and Green-Blue Alliance for the Pacific
energy in Fiji’s generation capacity by 15%, bringing it up to initiatives,” he said.
75%. EIB is also looking to invest in New Caledonia, having
EIB Vice-President, Ambroise Fayolle told officials gather- recently signed a letter of intent with Agence Française de
ing for the EIB opening that the office: “will help address Développement (AFD) in Nouméa.

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