World Bank approves credit financing for Pacific islands
Local banks could use funds to secure correspondent banking relationships in event of emergency
The World Bank has approved $68 million in credit and grant financing for seven Pacific island countries.
The funding aims to allow the nations to stay connected with the international financial system at a time when they are at risk of losing their last correspondent banking relationships.
The World Bank said in a statement on September 6 that the funding would cover Fiji, Kiribati, the Marshall Islands, Samoa, Tonga, Tuvalu, Vanuatu and regional organisation the Pacific Islands Forum.
World Bank
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