The European Investment Bank (EIB) has announced a US $75 million loan to Fiji to help the small island state, which is chairing COP 23 (Bonn, 6-17 November), to better protect water infrastructure against extreme weather events, such as cyclone Winston in February 2016, the strongest ever to hit this country that is particularly vulnerable to climate change.
The long-term loan was signed by Fijian Economy Minister Aiyaz Sayed-Khaiyun and EIB Vice-President Ambroise Fayolle in Bonn on Friday 10 November, with Fijian Prime Minister and COP 23 President Frank Banimarama in attendance.
The loan is the EIB’s largest ever loan to a Pacific state and the largest ever support for water investment in a small island state. It will support a $405 million investment programme by the Water Authority of Fiji to strengthen the resilience of water distribution and wastewater treatment.
31 financial institutions do more for Paris Agreement. The previous day, the EIB and 30 other public and private financial institutions which are taking part in the Climate Action in Financial Institutions initiative that was launched at COP 21 in 2015, announced the launch of a new online database to monitor progress made on implementing these own commitments in support of realisation of the Paris Agreement goals.
The Climate Mainstreaming Practices Database will help financial institutions to share their knowledge and experience via concrete case studies to help them take into consideration climate change and implement the five principles agreed two years ago in Paris: commit to climate strategies; manage climate risks; promote climate smart objectives; improve climate performance; account for climate action. (Original version in French by Aminata Niang)