BY BEN BILUA
Thirteen members of the Pacific Islands Forum (PIF) are preparing to sign the Pacific Resilience Facility (PRF) Treaty, a landmark move that will pave the way for the establishment of the region’s first international financial institution.
Speaking ahead of the signing, PRF General Manager Finau Soqo said the facility is designed to attract and manage international donations to support climate and disaster resilience programmes across the Pacific.
She explained that the institution will also play a vital role in international payments and trade facilitation for member states.
Soqo said the decision to establish the PRF as a treaty-based international financial organisation is to ensure that development partners and multilateral agencies have a clear legal framework to channel support into climate change initiatives.
“The reason behind setting up the PRF under a treaty is to provide easier and legal access for our partners who are willing to support climate programs in the Pacific,” she said.
Sogo said the PRF has secured USD 159 million in pledges, reflecting growing recognition of the region’s climate finance needs in the past 18 months.
She said contributions have so far come from countries including Saudi Arabia, Germany, China, Australia, Japan, New Zealand, Nauru and the United States.
“What we’re seeing is that, because it’s a new concept, a new idea to invest in grants, our investors are dipping their toes in the water – they’re testing, so they’re coming in with single digit contributions,” Soqo said.
She added that the long-term target remains at USD 500 million, which would ensure the fund’s sustainability before grant disbursements begin.
Despite the cautious start, Soqo remains optimistic.
“I’m hopeful that more signatories will join the treaty on Wednesday,” she said, underscoring the importance of regional solidarity in securing climate resilience financing.
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