Pacific Resilience Facility to be headquartered in Tonga [1]
Friday, August 30, 2024 - 22:38
By Katalina Siasau
The first Pacific-led and member-owned climate and disaster resilience financing facility, the Pacific Resilience Facility (PRF) will be headquartered in Tonga. The PRF has got a total pledges of USD$137 million, as announced today, at the Fa'onelua Center, by the Troika as one of the important outcomes of the 53rd Pacific Islands Forum leaders meeting in Tonga this week.
The Troika, consisting of the Forum's current Chair, Tonga's Prime Minister Hon. Hu'akavameiliku, outgoing Chair, Cook Islands Prime Minister Mark Brown, and incoming Chair, Solomon Islands Prime Minister Jeremiah Manele, and Secretary-General of the Forum, Baron Waqa, announced the Forum communiqué to the press this evening.
Prime Minister Hon. Hu'akavameiliku said, “I am sincerely grateful to leaders for endorsing Tonga as the country of domicile for the Pacific Resilience Facility.”
The PRF was established by the Pacific Islands Forum to build community preparedness, resilience against the impacts of climate change, and the frequent and intense disasters that hit the region every year. It has a financing target of USD$500 million to be met before 1 January 2026, with a longer term goal of USD$1.5 billion in capitalisation.
PRF pledges
In 2023, Australia committed to PRF AUD$100 million, Saudi Arabia committed USD$50 million, the People’s Republic of China, USD$500,000, and the United States committed USD$5 million, and an additional USD$20 million, at the Forum this week.
At the Pacific Islands Forum meeting this week, the Government of the Republic of Nauru pledged AUD$1million to be phased over five years towards the capitalisation of the PRF.
The United Kingdom pledged on the provision of technical support valued at GBP1.3 million.
The total pledges towards PRF now stands at USD$137 million.
“In order to meet the target of USD$250 million by January next year, we need USD$113 million by the end of this year," said Hon. Hu'akavameiliku.
“Partners, I urge you to capitalise the PRF, just like how we capitalise the GCF and look where it is now. The PRF is the next generation of private finance. Locally-owned and led by those who are affected the most," he added.
Meanwhile, the Forum leaders also directed a Special Forum Economic Ministers Meeting to finalise the PRF legal establishment and transitional arrangements in consultation with the Forum members.
The 53rd Pacific Islands Forum leaders meeting closed today, Friday 30 August.
The next PIFLM will be held in the Solomon Islands.