PIDF MEETS EUROPEAN INVESTMENT BANK
The Pacific Islands Development Forum met today with the European Investment Bank at the PIDF Secretariat in Nasese Suva.
Present at the meeting this afternoon was the Head of Banks Regional Office in Sydney Australia Mr Adam Bruun and Bank Business Analyst Ms Katrin Bock.
The meeting discussed areas of mutual interest given the two organisations commitment to support Pacific communities as they transition to low carbon economies.
One of the priorities of the PIDF as agreed to by Pacific Leaders in the Inaugural Summit last year was to seek long term financing support to support Pacific communities on critical sustainable development initiatives.
The EIB has supported development and economic activity in 15 ACP Pacific island states and four overseas territories in the Pacific Region, with loans and equity investment worth over EUR 100 million in the past ten years.
The two organisations agreed to work collaboratively to support Pacific communities pursue climate compatible developments.
Speaking about the meeting the Deputy Secretary General of the PIDF Mr Penijamini Lomaloma said:
“A green economy in the context of sustainable development and poverty eradication requires major structural and technological changes in key sectors such as infrastructure, industry, agriculture and transportation. Near-term investments in all these sectors must be financed for long-term sustainable development.
Unfortunately many signals in today’s financial system are not aligned with sustainable development – reflected in prevailing short-termism, insufficient transparency, ill-defined responsibilities and inadequate flows to key countries and sectors.
The result is a continuing misallocation of capital to high carbon and resource intensive assets, with potential risks of stranded assets.
The discussion today enabled us to share the priorities of the region as decided by the Pacific in our inaugural summit last year and to explore how we can work collaboratively to help Pacific communities create low-carbon, resource-efficient and equitable societies.”
EIB Staff Ms Katrin Bock & Mr Adam Bruun, PIDF Staff Ambassador Esala Teleni & Mr Peni Lomaloma